• not all German govt decisions set example for Europe
  • danger of low rates being used to finance spending
  • the progress in Spain is uneven, more reforms needed
  • ECB monetary policy has already done a lot but can’t resolve the crisis on its own
  • ECB won’t consider public finances before rate hikes
  • June 5th decision was preceded by soul-searching
  • fiscal rules required in Europe
  • no room for complacency in Germany

BUBA chief Jens Weidmann on the wires from Madrid