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Der Standard - Austria | Tuesday, July 17, 2012

IMF couldn't care less about constitutions

The International Monetary Fund came out on Monday in favour of a banking union and a European-wide deposit insurance programme as a key step in solving the euro crisis. But whether such measures can be justified constitutionally seems to be a matter of indifference for the IMF, the left-liberal daily Der Standard writes: "With Europe's export success Christine Lagarde at its helm, the International Monetary Fund wants to give wings not only to the ECB, but also to further integration of the Monetary Union. At the last summit Lagarde got worked up over European regionalism, saying in response to Germany's reservations that she could no longer stand to hear the words 'constitutional court'. That illustrates current attitudes regarding the principle of constitutionality. European treaties are first broken, then sloppily patched up. The risks of the ECB and the bailout funds with regard to the crisis states already far exceed one trillion euros. Such a community of liability was never agreed on. If it is now rushed through one should be thankful that at least one constitutional court [the German] addressed the question of its legality."

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