The stock market started to roll over, albeit modestly, coincident with the euro going to the low of the day, back below 1.23 at around 11:30am. While Germany has only one vote on the ECB committee, former ECB executive board member Otmar Issing said “Germany’s guilt over the WWII doesn’t oblige it to write blank checks to euro zone countries that fail to reform their economies,” according to the WSJ. He also said it’s “not reasonable to call on the ECB to buy bonds and that its “wrong to think countries can stay in the euro zone at any price.” Who knows what influence Issing still has but the timing of his comments were similar to the further weakness in the euro.

Category: MacroNotes, Think Tank

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2 Responses to “Otmar Issing says don’t use German guilt over WWII…”

  1. ilsm says:

    The only shame from WW II is the US, UK and France allowed the unification of the west sectors to the massive chagrin of the Soviets, who never wanted to look at the chance of another Leningrad.

    Europe is suffering as the Soviets feared. Euros seem more effective than Stukas…………….

  2. theexpertisin says:

    Yes, ilsm…

    The Soviets had to be satisfied with Latvia, Lithuania, Estonia, Hungary, Poland, Czechoslovakia, Bulgaria, Romania, East Prussia, Eastern Germany, portions of Japan and Finland. Perhaps I forgot one or two.

    France’s shame is collabortion with the Nazis.

    The US shame was caving in to the Soviets in 44-47, assuming their leader was not a psycopathic, lying murderer.