Change of course: ECB backs weak euro countries

According to Marko Kranjec, Slovenian member of the General Council of the European Central Bank, the ECB will continue to purchase the bonds of indebted euro countries. Jean Quatremer writes on his blog Coulisses de Bruxelles that Kranjec's statement indicates the ECB is changing its course: "A growing number of politicians and economists, notably in France, are convinced that at the edge of the precipice the ECB will have no choice but to change its tactics. ... Marko Kranjec no doubt meant to say that the ECB will not let the Eurozone collapse. Well then why not just come out and say it, and send a clear signal to the markets? On the one hand, to maintain pressure on states to get their public finances in order. ... On the other hand, out of fear of fuelling protest in Germany. But as British Prime Minister David Cameron has said, 'the moment of truth is approaching'. Very soon now Berlin will have to decide how far it is willing to go to save the common currency."

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