Dombret: The Bundesbank expects a fair sharing of burdens. If — as you’ve suggested — a heavyweight like the US fails to participate, it will be all the more important for other major IMF members to do their part. This certainly also includes the UK. The country has to be aware of its importance in the EU.
The above statement, by Bundesbank board member Dombret in Der Spiegel is perhaps the most breathtaking of 2012 so far. This is the Bundesbank, the same Bundesbank that abandoned the BOE in its defense of the pound in 1993 despite its treaty obligations to do so, suggesting the UK must pony-up fresh cash for the IMF so that European countries can do an end-run around its “no bailout clause” is absolutely stunning.
Karma’s a bitch, Herr Dombret.