After that give investors welcomed the ECB’s plan to prevent the breakup of the euro, the week starts willing to take sacrifices.

The week begins euro zone slope close some of the fronts that keeps open regarding the crisis coming economic suffering for three years and is beginning to have an impact on the world economy. Pending issues are resolved as tricky as the resource that examines the German Constitutional Court against the parliamentary ratification of the European Stability Mechanism (ESM) and the battle for the bank, the euro countries most affected by the crisis will remain in line of reforms.

Moody’s said that the ECB’s debt purchases will not resolve the crisis

The Credit rating agency Moody’s believes that the new program of buying sovereign debt, announced by the European Central Bank , offers a wider range of action to interested countries and benefit their banks, but cautions that these measures alone, not solve the crisis. For this reason, Moody’s invites euro zone governments to act and insists that markets will test the European Central Bank.

Germany divided between Euro skeptics and pro-European

The different maneuvers from the European Central Bank since the crisis hit the euro, have been heavily criticized by German sectors, creating a real panic in this country by the possible consequences that could lead to the German economy. Favored by these initiatives, and after the last push that he has been giving to the tax reform and banking from the European Commission , the Germans are divided between Euro skeptics and pro-European.


Will the ESM supports the German Constitution?

The Second Senate of the Federal Constitutional Court, based in Karlene, met in special session this afternoon to consider whether to accept new admissible on appeal by Peter Gauweiler, a member of the Bavarian Christian Social Party. Although it is envisaged that the Constitutional tomorrow morning announce its decision, will have to wait until Wednesday to have the answer to all claims made ​​by different social groups. However, the federal government remains convinced that ” the ESM is in line with the country’s constitution . ”

Wolfgang Chasuble might want to protect the Bundesbank

Although it seems that the German Constitutional Court agreeing to terminate both the ESM and the fiscal pact to run their course, still seen some suspicion linked to the ability of the European Central Bank supervision. The German finance minister, Wolfgang Chasuble, wants to keep away from the European Central Bank to its Bundesbank, a group of state banks, characteristic of this country, who have a regional organization with business predominantly wholesale banking and is the head of the savings banks.

A study by Bruegel questioned Finance Minister

The main argument of the German Finance Minister, Wolfgang Chasuble, who argues that it is unrealistic that the European Central Bank to monitor the 6,000 banks in the euro zone has been questioned by a study of Bruegel. Bruegel is a tank think Europe working in the field of international economics and aimed at the European and global economic development, investing in the balance between private and public.

Continue reforms

With this background, the European Commission is calling on the countries hardest hit by the crisis to keep their reform policies to ensure a level playing field in which you breathe more democratic accountability. This line said Nicholas Spiro, director of consulting sovereign credit risk, based in London, Spiro Sovereign Strategy , has been saying in a statement to Reuters news agency that ” the great questions of fiscal union and bank , not to mention the growth and competitiveness, remain in the hands of politicians, not bankers . ”

Cyprus next appointment for finance ministers

Later in the week, the finance ministers of the euro zone will meet in Cyprus to mend fences around banking supervision and possible extra help to Spain, Italy and Greece . Everything seems to indicate that decisions on these countries will not be firm until October and that the conditions for new bailouts will be even tougher.

European shares closing

European stocks closed the day down by the potential central bank intervention and because investors have collected the profits of securities less exposed to growth.