“Germany is more active than ever in its war against those who would challenge the policies it has imposed on Europe since 2010,” reports i.
During an annual conference of central banks on economic polity of Jackson Hole in the United States on 22 August, European Central Bank president Mario Draghi suggested putting an end to austerity policies in favour of exceptional measures to stimulate the economy. In response, notes i, German finance minister Wolfgang Schäuble declared the ECB no longer has the means to defend the eurozone.
The German finance minister also proposed in The Financial Times to create a European budget commissioner with the right to veto the national budgets of the 18 eurozone member states.
The paper recalls the new European rules already allow the supervision of member states’ budgets, but Schäuble —
considers it is necessary to take a further step towards greater integration.