Germans and the French are still far apart on policy, on how to resolve the crisis and the political future of the euro zone
traditional lull After August, there are doubts in Brussels and other European capitals about what lies ahead for the euro to fall. In what promises to be a few weeks memorable years, the focus will fall first Mario Draghi, President of the European Central Bank, which is expected to unveil in Frankfurt Thursday movements intervention to cap borrowing costs for Spain and Italy, and prevent the crisis spiraling out of control.
Draghi face the wrath of the Bundesbank, which fades on its plan to intervene in the secondary markets to buy sovereign debt and avoid Rome and Madrid debt costs increasingly unaffordable . It works is debatable. Previous interventions of the ECB - buy Italian bonds last summer and flooding EU banks cheap loans three years -. Provided a temporary respite of money, but no lasting solutionProposals
covered Draghi also come with reservations and conditions that slow the action of the ECB, is the accumulation of pressure on the political leaders of the euro area to take the lead in dealing with the crisis.
few days later, on September 12, José Manuel Barroso, President of the European Commission, will deliver his annual union speech before the European Parliament in Brussels and tables a bill on a new regime of radical supervision and regulation of banks in the euro area. This represents a leap forward in the way the EU is run for the first time, by the banks of the euro area - question is how many of them -., Under the authority of the ECB, an increase massive powers of the central bank
The "union" is supposed to be the first step, followed by a fiscal union and finally a political union eurozone, in effect, leads to a more integrated federation eurozone policy within a decade . This is more or less the German point of view of where things go or should go. The problems are immense. The arguments will be bitter.
On September 12, the choice of the Netherlands reveal the extent to which it has grown euroscepticism among the Dutch, while the Supreme Court of Germany to decide on the new permanent euro area ? 500 billion bailout fund, the ESM is compatible with German law. He was supposed to enter service in July.
After that, the focus will be to Greece, and if, after months of political paralysis, doing enough to comply with the terms of its second bailout if the other money - in fact, a third rescue -. and if he can stay in the euro at allHow long can you survive in this strategy is unknown, but the feeling of Brussels is that the risks increase now and Christmas and the fate of the euro is likely to be decided.
The most tired cliché of European affairs is always the transport metaphor used to describe the relationship between Berlin and Paris -. Franco-German "engine," engine "," tandem "," axis "is truer than ever, however, that there can be no lasting solution to the crisis without an agreement between Angela Merkel and French President François Hollande.
De Hollande was elected in May, has mounted a challenge after another authority Merkel, culminating in June, when he sided with Italy and Spain to defeat Germans at a summit of the EU.
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