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Crisis countries pin their hopes on ECB

Spain and Italy are having trouble getting hold of fresh cash and want the ECB to purchase government bonds to finance their debts. ECB head Mario Draghi wants this help to be contingent on the fulfilment of tough conditions. But is saving the euro really the task of the central bank?

Main focus of Friday, 8. November 2013

ECB makes money even cheaper

In a surprise move, the European Central Bank cut the benchmark interest rate to 0.25 percent on Thursday. After the previous cut in May, this ... » more

Handelsblatt - Germany | Friday, 8. November 2013

Draghi continues controversial euro rescue

Mario Draghi's argument that the ECB must prevent deflation is merely a pretext to justify the controversial euro bailout policy, the liberal business paper Handelsblatt writes: » more

De Tijd - Belgium | Friday, 8. November 2013

Central bank left without ammunition

Mario Draghi and the ECB could soon run entirely out of ammunition, the business paper De Tijd warns: » more

Expansión - Spain | Friday, 8. November 2013

Traitorous interest cut

The ECB's decision to cut the benchmark interest rate again can be interpreted in two ways, the conservative daily Expansión points out, because "it can ... » more

Corriere del Ticino - Switzerland | Friday, 8. November 2013

ECB promoting sovereign debt

With its low interest policy the ECB is preventing the indebted Eurozone countries from tackling their problems, the liberal daily Corriere del Ticino complains: » more

Corriere della Sera - Italy | Monday, 10. June 2013

Europe at the mercy of German top court again

Germany's Federal Constitutional Court will hear the complaints brought against the controversial bond purchases of the European Central Bank this Tuesday and Wednesday. The complainants claim the ECB's bond-buying programme contravenes the ban against direct financing of member states contained in the EU treaties. Europe is once again at the mercy of the German court in Karlsruhe, the liberal-conservative daily Corriere della Sera complains: » more

Il Sole 24 Ore - Italy | Sunday, 12. May 2013

Berlin sabotaging the ECB in vain again

According to a report in the magazine Der Spiegel the German Finance Minister Wolfgang Schäuble has voiced criticism of the idea of helping companies in the crisis-hit states of the Eurozone by buying asset-backed securities. Now Berlin is throwing a spanner in the works of the ECB even before it adopts a measure that doesn't meet with Germany's approval, the liberal business paper Il Sole 24 Ore complains: » more

Die Welt - Germany | Tuesday, 5. March 2013

ECB must leave troika

According to news reports, the European Central Bank is considering leaving the so-called troika of euro bailout organisations comprised of the EU, the IMF and the ECB. That's the right thing to do if it wants to remain independent, the conservative daily Die Welt writes: » more

Main focus of Friday, 11. January 2013

ECB keeps key interest rate at all-time low

The Governing Council of the ECB dashed hopes for a further drop in the key interest rate at its meeting on Thursday. Central Bank President ... » more

Cinco Días - Spain | Friday, 11. January 2013

Don't let up on reforms

The optimistic mood after the meeting of the ECB's Governing Council should not induce the governments to complacent inaction, the left-liberal daily Cinco Días warns: » more

La Stampa - Italy | Friday, 11. January 2013

Low base interest can't replace discipline

The decision of the ECB to continue propping up the real economy with cheap money is correct, but should not lead the nation states and EU institutions to neglect their reform efforts, the liberal daily La Stampa warns: » more

Corriere del Ticino - Switzerland | Friday, 11. January 2013

Cheap money escalates crisis

ECB President Mario Draghi has headed off speculation that the European Central Bank would lower its interest rate. This would have been yet another step in the wrong direction given that the flood of money is only intensifying the crisis instead of solving it, writes economist Alfonso Tuor in the liberal daily Corriere del Ticino: » more

La Tribune - France | Thursday, 10. January 2013

Draghi once again strengthens the euro

At a press conference on the session of the European Central Bank's Governing Council, ECB president Mario Draghi unveiled the new five euro banknote, signed by Draghi himself. Once again the ECB has given its guarantee for the currency's stable future, the left-liberal daily La Tribune comments: » more

Cinco Días - Spain | Wednesday, 9. January 2013

Ruling out bailout could be costly

Spain government plans to get through 2013 without becoming dependent on the European bailout fund, the Ministry of Finance announced on Tuesday. The improved financial situation in the country is above all thanks to the help of the ECB, the left-liberal business paper Cinco Días points out: » more

Les Echos - France | Friday, 28. December 2012

At least the financial crisis has abated

The ECB head Mario Draghi and his US counterpart Ben Bernanke have stemmed the financial crisis in 2012 - now politicians must do their bit to solve both the economic and the social crisis, the liberal business paper Les Echos writes: » more

El País - Spain | Thursday, 6. December 2012

Germans and British endanger banking union

The negotiations among the EU finance ministers on a European banking supervision authority were postponed to next week on Tuesday after failing to produce a result. German Minister of Finances Wolfgang Schäuble had voiced opposition to the idea of the ECB as sole supervisory authority. The left-liberal daily El País accuses Germany and the UK of jeopardising a solution to the bank crisis with their demands for special treatment: » more

Expansión - Spain | Monday, 29. October 2012

A good interim appraisal for ECB chief Draghi

Mario Draghi has been head of the European Central Bank since 1 November 2011. The conservative business paper Expansión is very enthusiastic about his performance during his first year in office: » more

Il Sole 24 Ore - Italy | Thursday, 25. October 2012

Draghi not answerable to Bundestag

ECB head Mario Draghi defended the European Central Bank's course in the euro crisis in the Germany parliament on Wednesday. Berlin's opposition to his policies may have left him with no other alternative but it was not right of him to give such explanations in the Bundestag, the liberal-conservative business paper Il Sole 24 Ore points out: » more - Greece | Tuesday, 23. October 2012

Greece better off without EU loans

The Greek Finance Minister Giannis Stournaras on Monday warned that many people would starve if the country didn't receive the next instalment of the bailout package soon. The economist Giannis Varoufakis argues on the website Protagon that on the contrary Greece and Europe would be much better off without the loans: » more

Diário Económico - Portugal | Tuesday, 9. October 2012

Draghi doesn't want to help Portugal

Around a month after ECB president Mario Draghi announced potential unlimited purchases of the bonds of crisis states, the bank has yet to buy a single Portuguese bond. After Draghi explained the reasons to journalists, Pedro Carvalho writes in the liberal business paper Diário Económico that he is completely baffled: » more

Corriere del Ticino - Switzerland | Friday, 5. October 2012

Europe can't just rely on ECB to fix crisis

At the council meeting of the ECB in the Slovenian capital Ljubljana, the bank's president, Mario Draghi, confirmed the contentious programme for purchases of the bonds of crisis-stricken Eurozone countries. At the same time he warned that the ECB could not replace government action. The liberal daily Corriere del Ticino fully agrees: » more

Corriere del Ticino - Switzerland | Wednesday, 26. September 2012

Keep crisis countries on a tighter rein

In the event that Athens' creditors extend the deadline for Greece to implement the agreed reforms it would need an estimated 13 to 15 billion euros more than previously assumed. According to Finance Minister Yannis Stournaras, Greece wants to close the financing gap without further burdening European taxpayers. This is the consequence of a relaxed monetary policy, the liberal daily corriere del Ticino fumes: » more

Corriere del Ticino - Switzerland | Friday, 21. September 2012

Central banks only rewarding financial world

The ECB, the US's Federal Reserve and the Bank of Japan have all recently decided to pump large amounts of money into their economies to overcome the crisis. But only the major financial players benefit from this monetary policy, the liberal daily Corriere del Ticino laments: » more

Dziennik Gazeta Prawna - Poland | Tuesday, 18. September 2012

ECB programme no ersatz for reform

The financial markets have risen by six percent since the ECB's decision in favour of unlimited purchases of government bonds. In the long term, however, the euro countries won't be able to avoid painful reforms, Ryszard Petru, president of the Polish Economists' Association TEP warns in an opinion piece for the conservative daily Dziennik Gazeta Prawna: » more

Imerisia - Greece | Monday, 10. September 2012

ECB averts danger of Grexit for now

Greece's prospects suddenly look much brighter after the ECB's decision to purchase government bonds, business paper Imerisia writes: » more

Der Spiegel - Germany | Sunday, 9. September 2012

Merkel's double game in the euro bailout

The German Constitutional Court will rule on Wednesday on whether the ESM permanent bailout fund is compatible with the German constitution. But this decision will carry little weight because ECB head Mario Draghi has long since had the last say in Europe, the news magazine Der Spiegel writes, criticising the ambivalent attitude of German Chancellor Angela Merkel: » more

Blog Gavin Hewitt's Europe - United Kingdom | Sunday, 9. September 2012

ECB buys Spain valuable time

The ECB's decision to purchase government bonds of ailing euro states gives Spain some much needed extra time, Europe editor Gavin Hewitt writes on his blog for the BBC: » more

Main focus of Friday, 7. September 2012

Turning point in ECB policy

The ECB decided on Thursday to help financially weakened euro countries with unlimited purchases of government bonds provided the latter submit to the terms imposed ... » more

Jornal de Negócios - Portugal | Friday, 7. September 2012

ECB finally deploys heavy artillery

Mario Draghi has finally pulled out the heavy ammunition, the liberal business daily Jornal de Negócios comments, praising the ECB president: » more

Il Sole 24 Ore - Italy | Friday, 7. September 2012

A new foundation for a solid euro

Finally the ECB is putting the euro on a solid foundation, the liberal-conservative business paper Il Sole 24 Ore writes but warns that the stringent terms of the rescue programmes could have a paralysing impact on economies - which would play right into the hands of the programme's only detractor: » more

Süddeutsche Zeitung - Germany | Friday, 7. September 2012

Basing the Eurozone on breach of contract

A euro community based on repeated breaches of agreement is built on precarious foundations, warns the left-liberal Süddeutsche Zeitung in the wake of the ECB's decision: » more

La Vanguardia - Spain | Friday, 7. September 2012

When crisis countries break their word

ECB chief Draghi made clear on Thursday that the European Central Bank will only purchase the bonds of struggling countries that submit to the stringent controls of the European bailout fund. But what happens if states fail to fulfil their obligations is unclear, the liberal daily La Vanguardia notes: » more

Libération - France | Friday, 7. September 2012

Euro rescue becomes reality

The rescue of the euro can finally get underway, the left-liberal daily Libération writes jubliantly in the wake of the ECB's decision: » more

Hospodárske noviny - Slovakia | Friday, 7. September 2012

ECB unhinges the market economy

If the ECB steps in to help poorly managed economies it will have nothing to do with the market economy, the business paper Hospodárske writes: » more

Politiken - Denmark | Friday, 7. September 2012

Super Mario can't save economy

The unlimited purchase of the bonds of distressed countries will merely give the Eurozone a reprieve, the left-liberal daily Politiken writes, calling on the euro states to take resolute action: » more

Večer - Slovenia | Friday, 7. September 2012

Banks benefit, not the citizens

The ECB's decision will only increase the suffering of those living in the crisis states, the daily Večer contends: » more

Diário de Notícias - Portugal | Thursday, 6. September 2012

ECB may triumph against powerful Germany

With a sense of anticipation the liberal-conservative daily Diário de Notícias looks forward to the ECB governing council's meeting today, noting that massive market intervention may be approved against powerful Germany's will: » more

Main focus of Wednesday, 5. September 2012

ECB to decide on bond-buying support

The ECB's Governing Council meets on Thursday to discuss plans for further bond-buying by the Bank aimed at relieving the pressure of high yields on ... » more

Süddeutsche Zeitung - Germany | Wednesday, 5. September 2012

Central bank joker just a quick fix

Past experience has already shown that ECB intervention can't provide a lasting solution to the crisis, the left-liberal daily Süddeutsche Zeitung points out, arguing against the financing of government bonds: » more

Avvenire - Italy | Wednesday, 5. September 2012

ECB should intervene on primary market

The prospect of supportive purchases by the ECB stoked up demand for Spanish and Italian short-term bonds, causing a marked drop in the yields. The reaction of the financial markets is proof that ECB boss Mario Draghi would do well to adhere to his bond-buying programme, the Catholic daily Avvenire writes, arguing that the purchases should not be confined to the secondary market: » more

ABC - Spain | Wednesday, 5. September 2012

A decisive day or just empty phrases?

The ECB is due to state its position on the purchase of government bonds on Thursday while on the same day German Chancellor Angela Merkel travels to Madrid. This will be a crucial day for Europe's future, the conservative daily ABC notes, but doubts that any truly important decisions will be made: » more

Delo - Slovenia | Tuesday, 4. September 2012

Europe awaits Draghi's crisis strategy

ECB chief Mario Draghi will announce details of the assistance to be given to crisis-stricken euro states this Thursday. The daily Delo stresses the need for such measures but remains dubious in view of the imminent ruling of Germany's Constitutional Court on the ESM and the fiscal compact: » more

Cinco Días - Spain | Wednesday, 29. August 2012

Germans give leeway on bond buying

Jörg Asmussen, the German representative on the ECB's executive board, on Monday stressed the bank's willingness to embark on further government bond purchases, thus contradicting the position of Bundesbank head Jens Weidmann. This difference of opinions among Germany's central bankers will give ECB President Mario Draghi more leeway, the left-liberal business paper Cinco Días predicts: » more

La Repubblica - Italy | Tuesday, 28. August 2012

Bundesbank continues attack against ECB

At the meeting of the ECB Council on September 6 the purchase of government bonds by the central bank will be the main point on the agenda, as the German member of the ECB's executive board of directors, Jörg Asmussen, announced on Monday. German Bundesbank president Jens Weidmann opposes this programme, which is backed by ECB head Mario Draghi. The Bundesbank's resistance could cost the Eurozone dearly, the left-liberal daily La Repubblica fears: » more

El País - Spain | Thursday, 23. August 2012

Berggruen, El-Erian und Roubini on Europe's impending cardiac arrest

Financial investor Nicolas Berggruen, Pimco CEO Mohamed A. El-Erian and economist Nouriel Roubini warn in the left-liberal daily El País of the consequences of an uncontrolled collapse of Europe's single currency: » more

Il Sole 24 Ore - Italy | Tuesday, 21. August 2012

Help from ECB has its price

According to a report in the German news magazine Der Spiegel, the ECB is considering setting limits on the yields for the bonds of highly indebted Eurozone countries. The German government has described the plan as problematic. Germany would certainly be entitled to have its say on the potential setting of an upper limit on yields, the liberal-conservative business paper Il Sole 24 Ore writes: » more

Cinco Días - Spain | Friday, 17. August 2012

Investors believe in Spanish bailout in near future

The Spanish share index, the Ibex, rose to 7.417 points on Thursday while the yields on Spanish bonds dropped considerably. The markets are clearly acting on the assumption that Spain will soon seek a bailout, the business paper Cinco Días concludes: » more

Blog EUROPP - United Kingdom | Thursday, 16. August 2012

Antonio Lettieri on the fiscal union as a receivership

ECB head Mario Draghi and Italy's Prime Minister Mario Monti have repeatedly argued for the quick implementation of a European banking and fiscal union. But this could force the crisis countries into a blatant state of dependency, Antonio Lettieri fears in the blog EUROPP of the London School of Economics: » more

The Economist - United Kingdom | Tuesday, 14. August 2012

ECB's inflation policy is wrong approach

The inflation policy of the European Central Bank is also to blame for the impending recession in the Eurozone, Ryan Avent argues in the blog of the liberal weekly The Economist: » more

La Repubblica - Italy | Friday, 10. August 2012

ECB bluffing

In a report published on Monday the European Central Bank warned about the dangers of high yields on government bonds in the Eurozone and signalled its willingness to intervene. The ECB is bluffing, the left-liberal daily La Repubblica complains: » more

El País - Spain | Wednesday, 8. August 2012

Germany's Bundesbank puts theory before reality

The president of the Bundesbank, Jens Weidmann, was the only member of the ECB Governing Council to vote against the Central Bank purchasing more government bonds. The left-liberal daily El País condemns this as stubbornly clinging to theories that ignore reality: » more

De Tijd - Belgium | Friday, 3. August 2012

Drahi makes a major blunder

With his catastrophic communication policy Draghi has gambled away the ECB's credibility, the liberal daily De Tijd criticises: » more

Corriere della Sera - Italy | Friday, 3. August 2012

Euro bailout is the task of politics

ECB chief Draghi does well to make countries take their fate into their own hands, writes the liberal-conservative daily Corriere della Sera: » more

Diário Económico - Portugal | Friday, 3. August 2012

Declarations of love for euro not enough

It was dishonest of Draghi not to make good on what he had pledged last week, in the eyes of the liberal business paper Diário Económico: » more

El País - Spain | Friday, 3. August 2012

ECB forcing Spain to seek bailout

The ECB has indicated that it is willing to buy massive amounts of government bonds of crisis countries - but only once they have officially applied for help. This decision will have major repercussions for Spanish society, the left-liberal daily El País fears: » more

Financial Times Deutschland - Germany | Friday, 3. August 2012

Weidmann undermines Draghi's plan

It was a wise move by ECB chief Mario Draghi to present a roadmap for the purchase of European government bonds, writes the liberal business paper Financial Times Deutschland, hoping that Germany won't thwart his strategy: » more

Il Sole 24 Ore - Italy | Thursday, 2. August 2012

All hope rests on the Central Bank

Given the incompetence of the governments in managing the euro crisis, the ECB must assume a key role, a course of action that is not without its risks, writes the liberal-conservative business paper Il Sole 24 Ore: » more

Diário de Notícias - Portugal | Thursday, 2. August 2012

More responsibiltiy for the ECB

Greater responsibility in solving the euro crisis is what the liberal-conservative daily Diário de Notícias hopes today's meeting of the ECB governing council will produce: » more

Süddeutsche Zeitung - Germany | Thursday, 2. August 2012

Germany only has bad options

Germany must finally commit to a concrete strategy for fighting the debt crisis even though it faces a choice between bad and even worse options, writes the left-liberal daily Süddeutsche Zeitung: » more

La Vanguardia - Spain | Thursday, 2. August 2012

Draghi must keep his word

ECB chief Mario Draghi must live up to the high expectations he fuelled last week at the meeting of the governing council today, warns the liberal daily La Vanguardia: » more

Corriere della Sera - Italy | Wednesday, 1. August 2012

ECB should not help crisis states

In the run-up to the meeting of the governing council of the European Central Bank this Thursday, the crisis states are expecting not just further cuts in interest rates but also a signal that in future the ECB will purchase the bonds of struggling states. Italy is also putting its hopes in this form of support - which in the liberal-conservative daily Corriere della Sera, economists Alberto Arlesina and Francesco Giavazzi describe as entirely inappropriate: » more

La Repubblica - Italy | Wednesday, 1. August 2012

Paul Krugman hopes Germans will see the light

The European Central Bank is expected to take an important step in saving the euro on Thursday. Economic Nobel Prize laureate Paul Krugman voices his support in the left-liberal daily La Repubblica for ECB President Mario Draghi and his proposal to purchase government bonds: » more

Jornal de Negócios - Portugal | Tuesday, 31. July 2012

Dangerous row in the Euro Group

The criticism levelled by Euro Group boss Jean-Claude Juncker against Berlin's conduct in the euro crisis has provoked a series of fierce counterattacks among the ruling coalition in Germany. This is a dangerous dispute that will only increase doubts about the euro, the business paper Jornal de Negócios warns. "Juncker accused Germany of treating the Eurozone as its subsidiary. … The response was not long in coming: » more

La Repubblica - Italy | Friday, 27. July 2012

Silent consent from Angela Merkel

An independent intervention by the ECB would allow for a solution to the euro crisis that goes against Angela Merkel without her losing face, the ... » more

El País - Spain | Friday, 27. July 2012

The magic words of ECB boss Draghi

After Mario Draghi pledged that the ECB would do whatever it takes to resolve the euro crisis the Spanish share index rose by six percent on Thursday. The left-liberal daily El País asks why the eagerly awaited announcement was so long in coming: » more

Naftemporiki - Greece | Friday, 27. July 2012

Hopes that Draghi will keep his word

Following Mario Draghi's statement the ECB would do whatever it takes to resolve the euro crisis and his vague hints regarding the bank's purchase of government bonds the conservative daily Naftemporiki hopes that he will keep his promise: » more

Frankfurter Allgemeine Zeitung - Germany | Friday, 27. July 2012

ECB steps into risky grey zone

The signals coming from the ECB about buying up government bonds of crisis-stricken countries are a source of concern for the conservative daily Frankfurter Allgemeine Zeitung: » more - Spain | Wednesday, 25. July 2012

Few options left for Spain

Despite the efforts of the Spanish government the ECB so far has not intervened to lower the rising yields on Spanish bonds. An economist using the pseudonym S. Horse warns in the Zona Crítica blog published by new online newspaper of the dangers of applying for a bailout prematurely: » more

El Mundo - Spain | Tuesday, 24. July 2012

Germany must allow ECB to help

There is no reason why Spain should still be under such pressure from the financial markets after its government implemented the recent austerity package, according to the conservative daily El Mundo, which calls for the ECB to step in: » more

Il Sole 24 Ore - Italy | Tuesday, 24. July 2012

Without the ECB the euro will die

If the European Central Bank (ECB) doesn't intervene now to halt the escalating European debt crisis the monetary union is doomed, warns Roberto Napoletano in the liberal-conservative business paper II Sole 24 Ore: » more

Diário de Notícias - Portugal | Tuesday, 24. July 2012

Terrifying austerity package won't help Spain

In view of the recent turbulence on Europe's stock markets the daily newspaper Diário de Notícias criticises Berlin's obstructive behaviour: » more

El País - Spain | Tuesday, 17. July 2012

Spain's economic recovery not until after 2013

According to the most recent estimates of the IMF, Spain's economy will also contract in the coming year. The left-liberal daily El País says the government's poor communication policy is to blame: » more

Il Sole 24 Ore - Italy | Tuesday, 17. July 2012

More power for ECB could work wonders

The IMF sees the European debt crisis as the greatest risk for the global economy at the moment and called on Monday for a strengthening of the European Central Bank to prevent the crisis from escalating even further. New powers for the ECB could soothe the panic on the markets, the liberal-conservative business paper Il Sole 24 Ore writes: » more

Rzeczpospolita - Poland | Monday, 16. July 2012

Markets put EU under pressure

The US rating agency Moody's lowered Italy's credit rating from A3 to Baa2 on Friday, meaning the country is now just two notches above junk status. For the conservative daily Rzeczpospolita it is clear that the measures adopted by the EU summit two weeks ago have failed to take effect and that the Union cannot go on as it has: » more

Der Standard - Austria | Friday, 6. July 2012

Lower interest rate no good to anyone

The ECB's bringing the base interest rate down to a record low of 0.75 percent on Thursday won't be effective because in the present situation it will boost neither investment nor consumption, the left-liberal daily Der Standard contends: » more

Le Temps - Switzerland | Friday, 6. July 2012

Central banks too powerful

The ECB as well as the central banks of China and the UK introduced additional support measures on Thursday, but market reactions have been negative on the whole. That shows that too much is being expected of the central banks, writes the liberal daily Le Temps: » more

La Vanguardia - Spain | Friday, 6. July 2012

Buying state bonds would show solidarity

Mario Monti's No to the purchase of Spanish and Italian bonds is a dangerous stance, the liberal daily La Vanguardia warns after the ECB chief's statements on Thursday: » more

De Tijd - Belgium | Friday, 6. July 2012

Eurozone left without its firefighters

After the cut in the base interest rate ECB President Mario Draghi announced on Thursday that the bank does not plan to take further measures to solve the euro crisis, such as purchasing the government bonds of crisis countries. This brings the Eurozone down to earth with a bump, the business paper De Tijd comments: » more


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