The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
New Bundesbank president Jens Weidman was official enthroned yesterday; indicates his main focus would be to watch over, and comment on, German government's fiscal policy; says price stability must take precedence over financial stability
Merkel's quid pro quo for Draghi
Der Spiegel has the story that Angela Merkel's silence on Mario Draghi's candidacy for the ECB presidency is explained by heavy horsetrading behind the scenes. The German chancellor wants to extract substantive concessions for supporting the Italian central bank governor. First she would like Jörg Asmussen, Wolfgang Schäuble's influential state secretary at the finance ministry to head the Economic and Finance Committee (EFC), the powerful steering committee for the Eurogroup and Ecofin meetings. Secondly she wants Jens Weidmann, who is officially inaugurated as the Bundesbank president today, to succeed to Draghi as the chairman of the Financial Stability Board (FSB). Thirdly she wants to impose a very restrictive line in the ongoing technical discussion surrounding practical matters at the ESM such as what majorities are required to take what kind of decisions and whether the ESM can create new rescue instruments for troubled Euro states in its own authority.
Jean-Claude Trichet took a swipe at Axel Weber at the ceremony, saying that the ECB followed Weber's advice to bail out the German Pfandbrief market;
the True Finns changed their mind again: they are now categorically ruling out the Portuguese rescue package; Vitor Constancio says Portugal may be able to push back its targets for deficit reduction, but EU officials say no deal has been reached on this issue yet; Nout Wellink says he is open to a rescheduling, but not restructuring, of Greek debt; criticises ESM for moral hazard; the Greeks are asking once again for a cut on the interest rate on their EU/IMF loan; inflation expectations jump back to close to 2.5%; Jean-Marc Vittori, meanwhile, describes the decision to curtail the Schengen agreement as a "great leap backward".
by DoDo - Sep 30 3 comments
by Crazy Horse - Sep 29 20 comments
by Frank Schnittger - Sep 29 19 comments
by Frank Schnittger - Sep 27 4 comments
by afew - Sep 22 10 comments
by Cyrille - Sep 24 130 comments
by Migeru - Sep 21 33 comments
by Frank Schnittger - Sep 19 27 comments
by DoDo - Sep 303 comments
by Crazy Horse - Sep 2920 comments
by Frank Schnittger - Sep 2919 comments
by Frank Schnittger - Sep 274 comments
by Cyrille - Sep 24130 comments
by afew - Sep 2210 comments
by Migeru - Sep 2133 comments
by Frank Schnittger - Sep 1927 comments
by Democrats Ramshield - Sep 18
by A swedish kind of death - Sep 1529 comments
by ChrisCook - Sep 1455 comments
by Frank Schnittger - Sep 11129 comments
by Luis de Sousa - Sep 969 comments
by Crazy Horse - Sep 610 comments
by Migeru - Sep 438 comments
by Metatone - Aug 305 comments