Is there a lender of last resort for eurozone sovereign states in trouble

 under the legal constraints of the Maastricht Treaty, or is there not? We do not know.

The ECB has tried to fudge this confusion with a new “anti-fragmentation” tool but is so paralysed by political differences within the governing council, and so afraid of the German constitutional court, that nobody is sure whether it can be used, short of a systemic crisis. 

Therefore a systemic crisis is what markets will inflict.   

Ambrose Evans-Pritchard Telegraph 4 August 2022

https://www.telegraph.co.uk/business/2022/08/04/mirabile-dictu-uk-inflation-oecd-average-growth-beating-europe/


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