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Eurointelligence: Bundestag wants to reduce Merkel's room for manoeuvre (23.02.2011)
(Here is very short overview to keep track of where the various actors are standing: The Bundesbank opposes pretty much anything, stress tests, extension of the EFSF's ceiling and mandate; the German government would be open to a wider ceiling, but would find it hard to sell it to the Bundestag, unless Portugal agrees to come under the EFSF. Generally the finance ministry is more open on matters such as the mandate of the EFSF than the chancellor's office; but the big gap is not between Schäuble and Merkel, but between the government and the Bundestag. The Bundestag is hostile to any mandate extension of the EFSF, and cautious about the ESM, including bond purchases, as this would invariably put pressure on the ceiling. Everybody wants to avoid a situation where the government keeps coming back to the Bundesbank for more money every so often)

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Wed Apr 13th, 2011 at 09:09:56 AM EST
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