Presión sobre BCE desde Alemania (Der Spiegel)

Genevieve Signoret & Patrick Signoret

Der Spiegel tiene citas útiles sobre la presión política sobre el Banco Central Europeo proveniente de Alemania. Nótese que al menos parte de la oposición alemana socialdemócrata también parece resistir la compra de bonos soberanos (énfasis nuestro).

The markets were disappointed. European Central Bank head Mario Draghi’s press conference on Thursday sent stock indexes around the world plummeting, as investors had been hoping the bank would immediately resume buying up sovereign bonds from crisis-stricken euro-zone countries. Even worse, Spain’s borrowing costs on 10-year bonds rocketed above the critical 7 percent mark — a product of Draghi’s press-conference pledge that the ECB would only step in if a country applies for a euro-zone bailout.

Many politicians in Germany, however, were ecstatic. Leaders from most of the country’s major parties welcomed Draghi’s inaction, including lawmakers from parties in Chancellor Angela Merkel’s governing coalition.

“I completely agree with ECB President Mario Draghi that decisive consolidation and reform policies at the national level should be the absolute top priority and are indispensable,” said Economy Minister Phillip Rösler. The leader of Merkel’s junior coalition partner, the Free Democratic Party (FDP), Rösler is also deputy chancellor. He added that monetary policy cannot replace national efforts and “does not offer a lasting solution to the crisis.”

[…] Opposition leaders likewise welcomed Draghi’s reticence and took the opportunity to criticize Merkel’s crisis management strategy. “Instead of fighting for Europe, she is taking what she thinks is the easier path and is driving the ECB into another round of buying up sovereign bonds,” said Frank-Walter Steinmeier, floor leader in Berlin for the Social Democrats. “It has become clear that such purchases do not offer a lasting solution to the crisis.”

Germany has long been wary of ECB bond purchases and opposition has only grown since the Frankfurt-based central bank largely ceased buying sovereign bonds last year. Jens Weidmann, head of Germany’s central bank, the Bundesbank, has been particularly vociferous in his criticism of bond purchases, saying they rewarded debt-ridden countries without demanding reforms in return. Draghi even mentioned Weidmann’s opposition to the program in his Thursday press conference.

Still, the widespread resistance in Germany to ECB action, and to many other euro-crisis proposals that could increase German taxpayer liability, has painted Merkel into a corner. With the opposition in Berlin showing a decreased willingness to rubber stamp her euro-crisis measures and a growing rebellion within the ranks of her own government, her ability to respond to the worsening crisis may become increasingly limited.


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