United on the ESM, divided on the ECB. So the premier Mario Monti and the German chancellor Angela Merkel react to the important news arriving today from Karlsruhe and Brussels: on the one hand the conditional green light from the German Constitutional Court to the new bailout fund, on the other the proposal drawn up by the EU Commission to make the Eurotower sole supervisor of banks in the Eurozone.
“The judgment by the German Federal Constitutional Court is good, excellent news – said the Professor -, because it removes the last obstacle for the entry into force of the ESM treaty and also of the treaty on the fiscal compact. I do not think that the limitation indicated in the sentence, which I would naturally like to reserve the right to examine in more detail, marks an unexpected brake on the market stabilization process: it seems to me that the sentence only says that to increase the overall commitment on the part of Germany it will be necessary for the German Chambers. It doesn't seem surprising to me."
The chancellor also welcomed the green light: "Today is a good day for Germany and for Europe," she said in reference to the judges' decision.
On the other hand, the judgment on the ECB is different. “The government welcomes the proposal adopted today by the European Commission and taken up in President Barroso's speech on the single supervisory mechanism in Europe very positively, subject to seeing the details - Monti said -. It is a proposal that Italy has always supported and therefore I welcome it very favorably”.
Merkel, on the other hand, believes that "the ECB cannot control all the banks in Europe", also because "the problem with banking supervision is one of quality, not quantity".
