"...The problem that makes this mess into an historic moment is the simple fact that the ECB’s actions are unsustainable politically, and perhaps legally. A situation where the unelected President of the ECB sends ultimatums to the Prime Ministers of large democratic nations cannot go on (especially when they call his bluff). And it will not. Someone needs to rouse EZ political leaders so they can work out a more permanent solution.
Figure 1. A dangerous new phase
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at http://www.voxeu.org/index.php?q=node/6942
Figure 1. A dangerous new phase
at http://www.voxeu.org/index.php?q=node/6942
