I think it is worth to point out that much of the economic discussion comes with an US point of view, rather similar to recent military matters. In both cases great resources and stable&strong institutions in law, economy and politics are almost taken as given. Add to that the dominance of the dollar in the world economy and you have a rather unique case. In short some central banks have more freedom of action then others. (A old wise local proverb concerning wealth and card games says that it is easy to stink with the trousers full of ****)

I mostly agree with what you wrote, but I really think we have still room for aggressive actions by the ECB. The recent bank troubles in Spain are terrible news. Three years into the crisis we still have much overrated assets on the balance sheets and with the economy in ever deeper crisis and the housing market worse then ever much needs to be written down. The banks need capital and credit, so the taxpayer and the ECB have to step up. The NYT had recently a couple of good articles:

As Bank Loans Dry Up in Spain, Small and Medium Businesses Fight for Life

Despite the mergers and injections of capital from the banking bailout and reconstruction program begun by the government in 2009, there has been no improvement in lending. According to the Bank of Spain, credit to the private sector fell in March, as it has virtually every month since the fall of 2009. Some businesses say they do not even bother asking for loans anymore.

Getting loans to start a company may be even harder. “How are you going to get new businesses going if there is no one willing to take a risk and lend you money?” said Edward Hugh, an economic guru who blogs on Spain’s economy. “The problems become circular and self-perpetuating.”

Banking officials agree that the restructuring has made credit harder to come by, but they say they can do little about it. “The banks here are asked to provision more capital to guard against loan losses,” an official from CECA, the Spanish savings bank association, said. “And if they are asked for more capital, then the possibilities of giving credit are limited.”
Giant Lender in Spain Asks for Billions to Fend Off Collapse

MADRID — Spain’s banking crisis worsened Friday as the board of Bankia, the country’s biggest mortgage lender, warned that it would need an additional 19 billion euros ($23.88 billion), far beyond what the government estimated when it seized the bank and its portfolio of delinquent real estate loans earlier this month.
A bit to explain the German point of view: Germany Looks to Its Own Costly Reunification in Resisting Stimulus for Greece

MUNICH — When Germany wants to understand Greece and the crisis afflicting Europe it not only looks south to the Continent’s periphery but also turns inward, to the former East Germany, still struggling more than two decades after German reunification.

To an extent not often appreciated by outsiders, the lessons provided by that experience — with the nation pouring $2 trillion or more into the east, by some estimates, to little immediate benefit — color the outlook and decisions of policy makers and the attitudes of voters, a majority of whom would like to see Greece leave the euro zone, polls show.