Politicians avoid discussing the 'elephant in the room' (the euro's fragility) because naming it makes it manifest and could become a self-fulfilling prophecy, so the truth is deemed too dangerous to handle.

It is undemocratic that the ECB's unconditional TPI program may already be being used to buy French bonds without transparency, since the central bank (not voters) makes the call, and the public should at least have an honest debate about the alternatives, costs, and migration paths.

The Netherlands has a huge pension industry with about 1,600 billion euros invested for its citizens, much of it exposed to France with tens of billions of euros of exposure.