Spain struggles to avoid bail-out
By Ian Wishart - 04.10.2012 / 05:59 CET
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EU bank resolution authority needs a 'sold legal base', says German finance minister. |
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In legal opinion, Germany's central bank attacks eurozone rescue measures. |
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Distinguishing between foreign and domestic debt is crucial to understanding the role of austerity |
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Fact file
Rescue fund
The inaugural meeting of the board of the European Stability Mechanism (ESM) – the eurozone's €500 billion rescue fund – will take place on Monday (8 October) before the main gathering of eurozone finance ministers.
The birth of the ESM has been made possible by Germany's ratification of the necessary legislation on 27 September – which was made possible when the country's constitutional court ruled earlier in the month that the mechanism was permissible under German law.
The following day (9 October), finance ministers of all 27 EU member states will discuss two pieces of draft legislation that are held up amid difficult negotiations between member states and the European Parliament: the ‘two-pack' rules on economic governance and a proposed regulation and directive on bank capital requirements (CRD IV).
They will also consider the European Commission's controversial plan for the European Central Bank to become a eurozone-wide banking supervisor and look at whether to relax Portugal's deficit-reduction targets.
It is undemocratic that the ECB can set the eurozone-wide inflation target unilaterally.
A debt-mutualisation scheme for the eurozone must satisfy three crucial requirements.
Distinguishing between foreign and domestic debt is crucial to understanding the role of austerity
London position as a global financial centre is under threat
Deputy secretary-general at the Elysée, Emmanuel Macron
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