The ECB have been doing it for years, with no federal reserve at all.
All countries do it to a greater or lesser extent.
The reason the (US) dollar is so popular is they have a federal reserve (gold).
The reason the Euro is failing is it's based upon the German banks and their megalomaniacal desire to control Europe.
There is no EU federal reserve. Only German banks.
When the EU (and Euro) collapses, Germany will be fine, the other 26 member states will fail.
Invest as you will.