Producing more money doesn't fix bad spending policies but it reduces debt -- both private and public -- at the expense of the lenders. It's also a way to alter the capital/work incomes ratio.

There is, rightly, a German trauma towards devaluation -- and that's why they agreed to be part of the Eurozone as long as the Euro was managed like the Mark.

That kind of debt decrease is just another tax. A sublte one, but a tax. And if you do that, then nobody will want to borrow you money at normal interest rates. Again, Italy 80s, we did it and it did not work.