Today's front pages

European Central Bank chief Mario Draghi announced yesterday that the ECB shall intervene only after Spain and Italy ask the European Financial Stability Facility to rebuy their debt, under "strict conditionality". As a consequence, European stock markets sank and the premium risk on Spanish and Italy bonds rose again.

Draghi gives in to Germany and sinks Spain and Italy – El Mundo

Before the ECB is ready to buy up their government bonds, the states concerned should apply for help from existing European rescue mechanisms and accept the conditions. "A wise decision," judges the German business daily.

ECB reminds politics of its duty – Financial Times Deutschland

“The Bundesbank and austerity hawks have won. They have managed to slow down the intervention plans announced by Draghi,” complains the Italian daily, in reference to the ECB president’s declaration last week that the institution would "whatever it takes to save the euro” .

Stock exchanges collapse disappointed by Draghi – La Repubblica

European Central Bank chief Mario Draghi disappointed investors with promises and by postponing action until later, writes the French business daily.

ECB takes risk of hot summer on markets – Les Echos

The Polish government has started consultations to build a coalition against the International Telecommunication Regulations (ITRs). This treaty, which will be reviewed at a conference of the International Telecommunications Union (ITU) in Dubai in December, gives ITU authority to control the Internet, which includes assigning IP numbers and addresses that can be used to trace users. The Polish authorities are acting now, reminiscent of the angry protests against the Anti-Counterfeiting Trade Agreement (ACTA) that started in Poland and led to the text’s rejection by the European Parliament in June.

ACTA revisited? – Gazeta Wyborcza

Romania's constitutional court has postponed until September 12 its final verdict on the validity of the referendum on the impeachment of President Traian Băsescu. It has asked for a recount of the Romanian electorate in order to ensure that the turnout on 29 July was actually below 50%, which invalidated the result. Meanwhile, Crin Antonescu, a close associate of Prime Minister Victor Ponta, continues as interim president.

September 11 and another day for Băsescu – Jurnalul Naţional

The German and Polish presidents Joachim Gauck and Bronislaw Komorowski jointly inaugurated the "Station Woodstock" rock festival in the Polish city of Kostrzyn on the border between the two countries. "In suits, but no ties," the Berlin daily notes.

Summer of love – Die Welt