Germany is definitely calling the shots.
As the Eurozone economy underperforms the rest of the world yet again (as in the first half of the '90's when the Bundesbank imposed high interest rates on the rest of us to finance ost-mark parity and re-building of the East- as well as politically corrupt and illegal funding of centrist politicians in France) we'll know, yet again, who is responsible. Fai de bèn a Bertrand, te lou rendra en cagant
European Tribune - Spiegel's Euro Delirium Tremens
Article 123 (ex Article 101 TEC) Overdraft facilities or any other type of credit facility with the European Central Bank or with the central banks of the Member States (hereinafter referred to as "national central banks") in favour of Union institutions, bodies, offices or agencies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the European Central Bank or national central banks of debt instruments. Paragraph 1 shall not apply to publicly owned credit institutions which, in the context of the supply of reserves by central banks, shall be given the same treatment by national central banks and the European Central Bank as private credit institutions.
