Yves Mersch pandering speaking in Frankfurt

  • Sees a need for reform in all EMU countries
  • Will continue QE until September 2016 or longer
  • Wants to see more sovereignty sharing in economic and fiscal policies
  • Enthusiasm for EMU reform has weakened
  • Need stricter implementation of convergence mechanism
  • Sovereignty claims are no excuse to violate rules
  • Credit line from ESM for European bank resolution fund would help complete banking union

He'll be made an honorary German at this rate