What's Stopping the ECB from Firing Its Bazooka?

The European Central Bank holds many of the cards that could solve the euro crisis. But it has been reluctant to play them. Although it is hemmed in by law, ideology and past positions, it does have wiggle room. Calls for the ECB to fire its “bazooka” and act more freely as a lender of last resort are reaching fever pitch as the crisis has moved from small peripheral euro zone countries to Italy and now to core states such as France. The United States, France and numerous pundits have pleaded with the independent central bank to turn on its printing presses.