Monday, December 5, 2011

ECB Preparing Another 1T Euro Rescue Plan

More rumours from Europe today: ECB preparing a1T Euro rescue plan.

This was reported by The Sunday Times without reporting where it received the information, said that the plan would be executed if Europe's leaders reach agreement on a broader political reform of the currency bloc and impose 'strict budget controls' on nations struggling to control their state finances. Would this ever fly on Europe? It does sound like giving up sovereignity.

In addition, the article says German chancellor Angela Merkel would be willing to give the ECB an expanded, but conditional, mandate to control the region's sovereign debt crisis.

Of course these plans have been talked about for many months now.

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