The German Constitutional Court starts tomorrow to examine the plan of unlimited purchases of government securities (UNWTO) announced a year ago by the ECB. It is established that the absence of a roof in this program - lack of which she is his strength, like that of every policy "accommodating" of other central banks, but they can also coin money - is compatible with the basic principles of Germany . Meanwhile on the Frankfurt Faz, a newspaper politically very influential, you leaked that the ECB would decide on its own initiative to limit the UNWTO, forcing the Eurotower in a denial. In fact, it started a new offensive against Mario Draghi, which coincides with the intensification of the campaign for the stationery.
All for now is German in this matter. The Court of Karlsruhe, the two central bankers that the ECB will intervene cons and pros - Jens Weidmann of the Bundesbank, Karl Asmussen of the board of the central bank - the Frankfurter Allgemeine Zeitung, Merkel that takes place behind the scenes. A year ago it had fallen to the EFSF ESM to come under the lens of the Court. And 'stranoto that this way of dealing with Germany's European economic issues as if they were its sole is causing a growing malaise in the rest of the world. The latest attack came from the IMF, which has turned heavy criticism (and self-critical) the excess of rigor used with Greece, a speech which could spread to the rest of Europe, where austerity has produced three times the expected recession .
But the IMF is historically the point of view of the United States, a strong country despite the current weakness of the Obama presidency, with a central bank that prints money, as well as Great Britain, Japan and China, other critical powers with Germany. Instead it is Europe unable to hear his case than in Berlin. We can agree that the Germans on the euro crisis have unsubstantiated and that their long-term strategy might even prove catastrophic. You can say all we want and evoke historical comparisons. Remains a problem: why Italy, France, Spain and all the others fail at least to equalize the weight and influence of German? The only one who does it, with increasing difficulty, is Mario Draghi. The other leaders seem to dogs haystack: bark but do not bite.
The answers are many: Germany has made reforms, that the work of all, Mediterranean Europe no. Germany has a state that works, we do not. Germany holds the commitments. And so on. But there is an explanation that is worth more than all: for the defense of national interests in Berlin is not worth the color of who is in government. In Paris, Rome, Madrid is not so. In France, the Socialist government of Francois Hollande promised to reverse the fiscal policy of Sarkozy, judged as too pro-rich. After one year the results are zero, while nothing has changed in line statist French. In Spain, the former Socialist Prime Minister Zapatero was forced to resign and guarantee in writing that he would not run again. In Italy we had the technical government, in fact imposed by the EU troika, and now broad agreement, a step forward, but always subject to external constraint.
Given the level of our debt and the state of our public spending, which has never been reduced, reformed or made more efficient, we can not escape from this constraint. Just as it is useless to think of finding a way out of the euro. However, what we can do is to adopt, on the issues of European politics - who now represent the majority of our economic and social policy - a common attitude. A common defense of national interests. A little 'do, a little' we endure. But very little. The parties can not wait to get out of the broad understandings I go back, not because they have recipes viable alternatives, but for reasons of identity. In short, the Germans complain as well, but we know that we are very far away from them, and that this gap increases.
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