ECB’s Asmussen “warns” German Constitutional Court not to rule against ESM

Joerg Asmussen, member of the European Central Bank’s executive board, warns in an interview with Germany’s Stern weekly of serious consequences for the euro zone if Germany’s constitutional court doesn’t ratify the permanent rescue fund ESM. If the court rules against the ESM, the rescue fund “would have failed in its planned form,” and the euro zone would be deprived of a “very important crisis fighting tool,” Asmussen said, warning of a “perceived north-south split in the European Union such as I haven’t experienced in 10-15 years,” as a consequence. “Europe stands at a crossroads where states must either opt for further political integration or allow Europe to move apart,” he said.

Apparently, there is reason for the bailouters to fear the court’s announced Sept. 12 ruling on the requests for injunction against the ESM,  otherwise Asmussen would not have taken to the media with his scare-mongering.

This entry was posted in Austerity & Bank Bailouts and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s