The ECB could continue its extraordinary policy of accepting junk bonds as collateral, which risks raising inflation to a level which makes Germans/Dutch/Austrians/etc grumble.
If I had to guess what will happen, I'll say the massive monetary expansion continues for a long time, which somewhat alleviates the pain for the south, while the north grumbles about the higher inflation but is not angry enough to do much about it.
Your post was interesting and I agree with a good deal of it, but I don't think there's any potential for inflation in the sense of anything like 5%+ per year. Unless by 'inflation' you just mean not the deflation that is being built in now.
