der Spiegel explores the turbulent undercurrents at the ECB, saying that the current plans floating around jeopardize the fragile equilibrium between north and south.
At a dinner in early July, the ECB chief and his fellow governors were discussing the question of whether the ECB’s loans to Ireland’s government-owned “bad bank” were consistent with the bank’s current bylaws.
It was a debate among experts, like many before it, but then something unusual happened: Draghi raised his voice. Such questions, he snapped at his opponents, could not always be discussed in exclusively legal terms.
The article concludes that the latest rescue plan could actually drive Europe further apart.
With Europe now closed, EUR/USD has bumped above 1.2250 but conviction is low.
