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The European Stability Mechanism (ESM) in pictures by the Bundesministerium der Finanzen














Will Merkel Change Her Tune on Stability Bonds?

Stability bonds. That is the new moniker given by the European Commission to euro bonds as it moves toward presenting its most definitive proposal yet for the debt pooling measure on Wednesday.

Indeed, European Economic and Monetary Affairs Commission Olli Rehn was in Berlin on Tuesday to tout Brussels' three-option studyon how bonds issued jointly by the 17 euro-zone member states could help stem the debt crisis.

EZ politix is not a Western movie


did the Greeks call the referendum because they had advanced intelligence that the #EFSF would not be able to raise a cent?


Understanding what a Central Bank is for / The Boundaries of European Financial Institutional Architecture



Holger Schmieding: Europe is probably going to fall into recession in the fourth quarter

“Europe is probably going to fall into recession in the fourth quarter,” said Holger Schmieding, chief economist at Joh. Berenberg Gossler & Co. in London.

“Leading indicators are pointing to a modest recession,” and the European Central Bank “will probably go to a softer stance soon,” Schmieding said in a radio interview on “Bloomberg Surveillance” with Ken Prewitt and Tom Keene.

German Parliament Approves Expansion of EFSF

German Chancellor Angela Merkel's ruling coalition closed ranks Thursday in passing a bill to reform the euro-zone bailout fund without having to rely on votes from opposition parties, according to parliament voting results.

A total of 315 lawmakers from Ms. Merkel's coalition of Christian Democrats, Bavarian Christian Social Union and the pro-business Free Democrats voted in favor of the bill to expand and reform the European Financial Stability Facility. Thirteen coalition lawmakers voted against the bill and two abstained.

Commission preparing plans for Eurobonds while Germany still opposes it

The European Commission is preparing options for the introduction of eurobonds, its president José Manuel Barroso said this morning addressing the European Parliament in Strasbourg. He called for much closer political integration and said the EU needed a "new federalist moment" to confront the most serious challenge for the bloc in a generation. Mr Barroso portrayed the current crisis as an existential threat to the European project. "This is a fight for the jobs and prosperity of families in all our member states.”

German exports in July 2011: +4.4 % on July 2010

Germany exported commodities to the value of Euro 85.9 billion and imported commodities to the value of Euro 75.4 billion in July 2011. As further reported by the Federal Statistical Office (Destatis) on the basis of provisional data, German exports increased by 4.4 % and imports by 9.9 % in July 2011 on July 2010. Upon calendar and seasonal adjustment, exports fell by 1.8 % and imports by 0.3 % compared with June 2011.

The foreign trade balance showed a surplus of Euro 10.4 billion in July 2011. In July 2010, the surplus amounted to Euro 13.6 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 10.1 billion in July 2011.

The ECB's crisis response and government-bond purchases have sparked opposition in Germany

A sequence model of German / ECB relations 2010 thru 2011 from the WSJ


German Federal Constitutional Court in Karlsruhe has ruled that relief for Greece and the euro bailout program is constitutional

the judges are demanding a greater say for parliament in future decisions on providing aid to beleaguered euro-zone member states

The German Federal Constitutional Court moved on Wednesday morning to reject several legal complaints that had been filed against Germany's participation in massive efforts to prop up the European common currency.

The court even stipulated that the German federal parliament, the Bundestag, needs to be given a greater say in future bailout measures.

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