Nothing on the ETF front to just short Euro banks. If your IRA restricts shorting you are out if luck. You might get a short financials ETF since US banks would drop too. Best idea might be to take your $5000 2011 IRA contribution and stick it into an account thar lets you short ADRs of European banks. You can take profits later in the year and move the account to your IRA .
Short DB on rallies if you can. I was short and covered. I'm now having trouble getting more shares short. I don't know of any restriction in the US markets like there is in Europe... but my broker is not giving allowing me to short DB.