Daniel Gros News
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Over the course of 2012, the U.S. economy rebounded with all the vitality of a slug waking from a long nap. In debt-strapped, recession-hit Europe, investors fret about a Spanish bailout, a Greek default and whether the euro itself will shatter.
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European Union finance ministers moved closer to an agreement on a single euro-area bank supervisor that could give the European Central Bank more time to take on its expanded oversight role.
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There is an old saying among central bankers that credibility is earned in years of hard work, but can be lost overnight. On Sunday night, the European Central Bank may have said goodbye to its credibility when it agreed to buy the government bonds of euro nations in trouble.
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The life-support system for Greece, Ireland, Portugal and Spain is now under threat. The highly indebted nations of the euro area can’t survive the deficit crisis without access to central-bank credit.
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Daniel Gros, director of the Centre for European Policy Studies in Brussels, said a return to the deutsche mark would caused Germany’s financial and banking system to “collapse completely,” Welt am Sonntag reported.
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European Union regulators may push for joint bond sales by euro-area nations to help contain the debt crisis, putting pressure on Germany to drop its opposition.
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While debt sharing in the euro area to stem the financial crisis has never been closer, German Chancellor Angela Merkel may keep it out of reach.
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European finance ministers are under pressure to disclose more about the stress tests being conducted on banks to see whether they could withstand losses if the region’s debt crisis worsens.
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Ending the euro-zone debt crisis requires greater political union and European-level banking insurance as well as more aggressive action by the European Central Bank, a band of economists said.
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German Chancellor Angela Merkel and French President Nicolas Sarkozy suffered setbacks in state and local elections that risk undermining the remainder of their terms leading Europe’s two largest economies.
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