The political battle in Europe is by no means over. While waiting for the Eurogroup to define the details of the agreements reached last week, the "northern front" reopens. After the bad moods that arrived over the weekend from Germany, today Finland and the Netherlands have taken a clear position against the hypothesis of an anti-spread shield.
The project, launched by Mario Monti e approved in the night between Thursday and Friday by the other European leaders, would allow the permanent ESM fund (which will soon be operational) to buy bonds from virtuous countries on the secondary market whose differential is put to the test by speculation.
The Helsinki government considers this an "inefficient measure to stabilize the markets". Of the same opinion is Niels Redeker, spokesman for the Dutch finance minister, who reiterated that Amsterdam "is not in favor of the purchase of bonds" by the ESM.
The most unexpected ok was that of the German chancellor, Angela Merkel, which against all odds has already given the go-ahead. But because the shield doesn't live only on paper unanimity is required of the 17 countries of the euro area.
