Everyone hopes for it, many predict it, only Wolfgang Schauble he's sure of it. Today the German super minister of Finance it was said "certain" that on 12 September the Constitutional Court of Germany will judge the ESM compliant with German law. From Berlin, therefore, no further stops will come to the new European state-saving fund. The minister recalled how the Government has already revised the treaties on the fiscal compact and on the ESM without finding anything in conflict with the Constitution.
As for the idea put forward by the European Commission of centralize the banking supervisory powers of the ECB – the details of the proposal will be announced on September 12 – Schaeuble said he was in favor of one limitation of control over systemically important credit institutions. “It is a question of creating this European banking supervisory authority not only on paper – he said -, but of making it truly operational in a reasonable time frame. The ECB itself has said it does not have the potential to control the 6.000 banks of the European Union in the foreseeable future. For smaller banks, the German minister instead believes that generally valid criteria should be established.
Schaeuble nevertheless urged to do not feed "excessive expectations" in view of the next meeting of the ECB, scheduled for Thursday 6 September, underlining that "the debts of the States must not be financed by the European Central Bank". Economy Minister Philip Roesler is also against the purchase of bonds promoted by Mario Draghi, underlining that it cannot be a "long-term" solution as it implies an inflation risk. Draghi himself highlighted that only the structural reforms of each country can ensure the stability and competitiveness of our currency, Roesler added.
