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Sharp criticism of ECB-Merkel

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Criticism of Merkel – the ECB in Frankfurt. Source: AP

HB RABAT / LONDON / BRUSSELS. The sharp wind came from the Moroccan capital Rabat. There threw Lorenzo Bini Smaghi, Board Member of the European Central Bank (ECB) Merkel – without calling them by name – on Friday, according to speech text, it did not in its policy statement a few days ago in parliament considered the possible consequences of their words. Merkel had shortly before Pentecost in the Bundestag with the words "The euro is advertised at risk" for approval for the billion-dollar shield of EU and the International Monetary Fund for damp euro countries.

Bini Smaghi criticized the differences in communication between the governments of the euro-zone. This has unsettled the financial markets and the euro. "In a big country in the euro zone it was thought that public support for rapid action could be achieved by dramatizing the situation, for example, the public says" the euro is in danger or in public about the possibilities of exclusion one member country is thinking. But we have not realized that the middle fan in the crisis, such words only the flames and increase the cost of the assistance package for such statements could.

Kritik an Merkel - die EZB in Frankfurt.  Quelle: dpaQuite possible that Bini Smaghi soon in a similar manner, to France to. The local debate is likely not exactly increase public support for the rescue. France described the rescue for countries in crisis, € as a fraction of existing EU treaties and in turn sparked a new debate. The beginning of the month agreed auxiliary system was expressly forbidden in the contracts with the famous clause against bailouts, "said French European Affairs Minister Pierre Lellouche the Financial Times on Friday. "De facto we have changed the contract." This U-turn explain the reluctance of some states.

The Brussels EU Commission had already doubts about the interpretation of Paris law. The Hilfsystem means no – the contract – verbotenenes "solicited out" ("Bail-Out") of Euro-countries, "said the spokesperson of EU Währungskommisssar Olli Rehn. "This is a temporary three-year financial aid under strict conditions." The support will also for the most part not from the community, but from the euro-zone countries on a special agreement itself organized.

The rescue program endorses solidarity among countries in the EU principles, said Lelloche in the interview. "The 440-billion-euro mechanism is nothing other than the Fremdübernahme NATO article five of the alliance case clause, applied to the euro zone." According to the North Atlantic Treaty is an armed attack against one or more of the Allies in Europe or North America considered an attack against all.

For the protection of the ailing euro currency, the EU had earlier this month an unprecedented rescue with a total of 750 billion € tense.