This step was a surprise – because he was so very long overdue that hardly anyone expecting. The European Central Bank (ECB) has changed the rules for emergency loans to Greek banks tightened. The collateral that must pledge on these loans, the banks, higher risk premiums due.
This decision Monday night does not increase the pressure on Greek banks first noticeably. The Governing Council adjusted the rules only so gently that the financial institutions can continue to offer emergency loans in a volume of 89 billion euros. Yet the decision is an important signal. Show central bankers that they do not close their eyes to the growing risk of a Greek sovereign default
But to real action to unfold, the ECB would have had to send this signal much earlier. For months, the Greek Government maneuvered their country on the brink of insolvency along for months, the euro-zone countries were at a tricky time management game from Athens. Always in confidence that the ECB will keep the increasingly wobbling Greek banks already afloat.
This reliance on backup from Frankfurt does not just happen. Again and again, the central bank of Europe crisis politicians held back free. It began in 2010 with the purchase of Greek government bonds, on which the ECB is sitting today. This was followed by, among others, always more generous rules for bank financing in Spain, Italy or Portugal and abstruse special solution for the legacy of Irish banks that had yet to be distinguished from a prohibited state funding with the printing presses at best with a magnifying glass. The principle was always the same:. When it came to the crunch, stretched and bent the ECB their rules so that more money could flow
Likewise proceeded to in the case of Greece. Although emergency loans should only be a temporary help and also exclusively solvent banks may be granted, the ECB admitted that so ailing institutions were daueralimentiert months. Now the situation is completely method: The Greek government plays poker with confidence in the Fed funds for their banks further, the Euro countries struggle to find a common line, and also rely on it, that it is still enough time
It is understandable that ECB President Mario Draghi not wanna be the one in that situation, the Greek pushes over the edge that triggers a state bankruptcy and perhaps a euro exit. This decision should be left to elected governments and parliaments of a democratically legitimated weak technocrat like the Fed Chairman. But let Draghi now are once again pretty much alone in the rain -. While being advised, the central bank must take tricky decisions every few days
is to blame Draghi that he can maneuver at all in this situation. The ECB has missed an opportunity to signal in time that the red lines of its mandate are not bargaining chips. An earlier increase in risk premiums or a cap on ELA loans have made it clear that Fed aids can be no substitute for a political solution to the Greek crisis.
Maybe the dispute between Athens and its creditors would nevertheless escalates – or at least, the ECB would have had 20 or 30 billion euros less in the fire. And they would have less credibility damaged. But if central bankers are once more as a politically influenced. On top of that suffering also the reputation of just eight-month-old European Banking Supervisors, which is located also under the auspices of the ECB: You must be wondering how they can remain largely idle if Greek banks such stagger on the edge. The concern that a combination of monetary policy and banking supervision leads to serious conflicts of interest are clearly corroborated by the Greek mess.
Since the Greek government announced its referendum had, Mario Draghi is in a dilemma from which there is no easy way out. He bankrolled the Greek banks continue suffering his credibility. He pulled the emergency brake, he is than that because that carries the idea of an irreversible monetary union to the grave.
However, this dilemma has become the ECB President to a good portion of self-brewed.
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