Sunday, 2 September 2012

The Independent: Central bank still split over response to eurozone crisis

The Independent reports,
The president of the European Central Bank, Mario Draghi, is set to disappoint hopes of a “shock and awe” solution for the eurozone crisis when he unveils plans this week to help the region's strugglers.
Mr Draghi – who ditched a visit to the Jackson Hole symposium in Wyoming last week – faces a frantic race to win the agreement of the ECB's governing council for bond-buying plans amid German opposition before Thursday's critical meeting.
Bundesbank president and ECB committee member Jens Weidmann has reportedly been on the brink of resignation over the move, on the grounds that it breaches the central bank's mandate against financing government debts. His predecessor Axel Weber and German ECB member Juergen Stark both quit last year over last summer's emergency bond-buying programme.
Here's the rest.  

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