I saw this on the FT earlier today:
Münchau is, quite clearly, correct. Only fiscal integration can make this work. Equally clearly, that’s not going to happen. So if you look at these headlines and respond, what you’re going to do is become more inclined to have dollars. In light of the chaos, money and money-like instruments looks better than less liquid assets and dollars look better than euros. Which means the United States needs a more expansionary monetary policy in response.