They accuse the European Central Bank of “blatant monetary financing of states” in breach of Article 123 of the Lisbon Treaty
A group of 16 economists and businessmen have finally pulled the trigger. They accuse the European Central Bank of “blatant monetary financing of states” in breach of Article 123 of the Lisbon Treaty and straying ever further into fiscal rescue missions, undermining the sacred contract agreed by the German nation when it gave up the Deutsche Mark.
“The ECB does not have a mandate to hold the eurozone together,” said the 140-page legal filing reported by Die Welt. It has a primary legal mandate to maintain price stability.
If Germany is to take part in an EU fiscal union of shared debts this constitutional change must be validated by treaty changes.
Ambrose Evans-Pritchard Telegraph 12 March 2021
If Germany were suddenly to say “nein” to PSPP one or more eurozone countries could be forced to crash out of the monetary union.
https://englundmacro.blogspot.com/2020/05/if-germany-were-suddenly-to-say-nein-to.html
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