That's the conclusion of Ambrose Evans-Pritchard:
The horror before our eyes right now is social ruin. Europe’s crisis strategy is to break the back of labour resistance to pay cuts by driving unemployment through the roof. That is what `internal devaluations’ are. It stinks. And the ECB is adding to the cruelty by keeping money too tight. Mr Draghi deserves his accolades, but his job is not yet done. He has saved the rich. Now he must save the poor.