Those IOUs don't work

Comments on John Abernethy “A way Europe can survive”, 28/05/2010, http://www.businessspectator.com.au/bs.nsf/Article/European-debt-crisis-pd20100527-5U5E8?OpenDocument&src=sph

Do any of the proposed inter-government and Central Bank IOUs which will be forgiven at a future date make the moral hazard issue between different European member countries more or less a problem?

It does not sound quite right from that point of view.

My solution to the current European economic and financial problems would be to allow intra-euro trade measures to have effective "devaluation" of some euro members.