In a document submitted by the Spanish govt they call for the ECB to make more consideration of economic balances
While the govt leans towards greater co-operation with the EU and added powers for Brussels PM Rajoy is quoted as saying, (google translated)
"The orientation of the single monetary policy has proved inadequate for certain member states in recent years and has generated asymmetric shocks"
"In some countries, monetary policy was too expansive and created financial conditions that promoted excessive debt and the accumulation of imbalances"
References to the Spanish housing bubble but also a reality check that one size does not fit all
Full translated article here courtesy of Livesquawk
