The ECB purchases member countries' debt. They move bad or weak assets off the balance sheets of the weak member banks into the balance sheets of the ECB. The stated purpose of the European Financial Stability Facility is to pool sovereign debt. The owners and shareholders of the european central bank are the central banks of member countries.
I didn't say anything about northern European countries being superior. It's a completely factual statement to say some countries are more solvent than others. It's not a value judgement.
The ECB buys souvereign debt incurred by countries that have no option but to borrow money from banks that demand very high interest rates - much higher than the interest rates the ECB charges comercial banks.
The purpose of the European Financial Stability Facility is to prevent german and french banks to go bankrupt in case any of the attacked countries default.
"It's a completely factual statement to say some countries are more solvent".
If by some countries you mean the northern countries, this is false:
Spain had a superavit before the financial crisis - Germany did not.
I don't know what your trip is with "northern countries." I never brought up specific countries or mentioned Spain or Portugal.
I was simply pointing out a fact that the ECB pools sovereign debt, and because of that will suffer from the tragedy of the commons - perverted incentives.
I didn't say anything about northern European countries being superior. It's a completely factual statement to say some countries are more solvent than others. It's not a value judgement.