10-09-2012
Why Should German Court Impose True Conditionality to ESM
| Spain wants to hear first what are the additional rules that, according to Mr Rehn, UE would impose to a single state to access ECB help-line for reducing the cost of debt, Monti and his finance minister state that under no condition Italy would accept further monitoring. ECB proposal carries a highly political connotation and an implicit disclaimer: "we would be there to help but not telling you at what conditions we hope you will not ask for support". German high court should in our opinion say yes to Esm but clearly define conditions that at least Germany would demand for further support. Otherwise Draghi's plea will have no material consequence. |