Resignation highlights problems

The resignation of stability advocate Jürgen Stark is symptomatic of Germany's problems with the ECB, the business paper Les Echos writes: "It is hardly surprising that it's increasingly difficult to forge a consensus, both in the US Federal Reserve and at the ECB. Until now, however, discussion had remained subdued. By handing in his resignation from the bank's Executive Board, Jürgen Stark has taken things to a new level, calling into question the very possibility of a joint solution on the fate of the common currency. ... The Germans have at least two problems with ECB policy: the purchase of sovereign bonds ... and interest rates that are too low for their country, the sole Eurozone member subject to inflationary pressure. These two problems have two possible solutions: either the creation of a federal state of Europe or the break-up of the Eurozone. Considering the magnitude of the problem, the choice should be made quickly."

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