SuperMario Draghi does not like rigging and always prefers to persuade his interlocutors but, in an emergency, he has a large majority on the board of the ECB even without the Buba, that is, without the representatives of the powerful but also somewhat short-sighted Bundesbank. This is what emerges from a documented reconstruction that in "Il Sole 24 Ore" today it appears signed by Alessandro Merli, Frankfurt correspondent of the pink newspaper and very close to Draghi. Merli does some math and points out that, even putting the central governors of Germany, Holland, Luxembourg, Finland and perhaps Austria among the dissenters, Draghi has a large majority on the board of the ECB and can decide quickly in an emergency . On the other hand, while preferring general consensus, the President has already resorted to majority decisions when he deemed it appropriate.
It is clear that Draghi is thinking about it in view of the ECB council in early August and after the pressure from the Monetary Fund. Especially since a telephone consultation is enough to decide and that the timing of Draghi's moves is essential to displace the markets and multiply the effects. Merli notes among other things that in the last few days even the positions of the Dutch and Austrian central banks seem a little more flexible, but the strong obstacle, even if not insurmountable, is the German one.
From across the Atlantic, the pressures on the ECB are multiplying to put in place a sort of quantitative easing, i.e. a broad liquidity plan such as that of the Fed which allows not only to provide funds to the banks but to assist, in the appropriate and possible ways, the government bonds of virtuous European countries - such as the 'Italy – unjustly penalized by the markets and by financial speculation.
Draghi doesn't like being pulled by the jacket, not even by European governments, and has already had the opportunity to say that the solution to the eurozone crisis – as well as the revival of growth – requires a partial socialization of the sovereign debts of European countries also through the rapid activation of the bailout fund, which should be equipped with a banking licence, and a guarantee on bank deposits as a decisive step towards the European banking union. However, these are political decisions that do not belong to the ECB but Draghi will not stand still. AND the signal launched in the interview with “Le Monde” (“The ECB is very open and has no taboos”) is clear.
