La bataille sur la BCE s'intensifie entre la France et l'Allemagne

Franco-German Battle over the ECB Intensifies

[Spiegel Online]

Germany remains adamantly opposed to using the European Central Bank as the lender of last resort to prop up the common currency. But with debt contagion rapidly spreading to several more euro-zone countries, France has upped the pressure. The future of the EU may be at stake.

In early 2010, when Greece first ran into serious debt problems and required an immediate €110 billion ($148 billion) bailout, the debate in Europe was more of a philosophical one. European Union member states, said many, should not be forced to pay the debts of fellow members. This year, the discussion has taken a much more existential turn.

With an ever-increasing number of countries becoming infected by the debt contagion spreading across the Continent, serious questions have been raised as to whether the EU is even able to help out its struggling members. And the heart of the increasingly tense debate as to what should happen next has become the ongoing clash between France and Germany. Should the European Central Bank (ECB) become the lender of last resort or not ?
Lire : spiegel.de/