Joint euro-area bonds are also “unthinkable” as long as governments retain national control over budgets, Merkel said today.
“You have to differentiate between credible enforcement powers and joint European control over revenue and spending,” she said. “And as long as this is so, joint liability for the debt of others is unthinkable. That also takes care of the debate over so-called euro bonds for now.”
No, the french president doesn’t bend in front of A. Merkel, as I said previously, there is throughout Europe a much larger coalition than just Germany to refuse an anarchy QE style of ECB’s intervention….
Sarkozy agreed at a meeting with Merkel and Italian Prime Minister Mario Monti on Nov. 24 to stop pressuring the ECB to step up its response to the debt crisis. Sarkozy retreated after Draghi criticized French calls for the ECB to use its unlimited power to backstop euro-area bond markets, something that Merkel has also repeatedly rejected.
I can only recommend to follow the debate on BLOOMBERG :
Second and not least, there is a silenced corner of Europe that supports an independent ECB, the fact that Germany has the political lead is secondary to the essential and key important factor for the economy, a strong currency with low inflation to protect wages power with in mind that inflation is the most unfair tax you can think of.
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