Research (Česká spořitelna)
Markets  |  September 12, 2012 09:02:16

Today will be crucial decision of the German Constitutional Court on ESM and suggestions Union Bank

Events of the day, the decision of the German Constitutional Court on whether the fund ESM fiscal compact and the rules are in accordance with the German constitution. Generally it is expected that fits standpoint. Otherwise, it would mean a hard blow for the rescue of the euro. Yesterday the court refused the request of German MPs to court postponed its decision. He argued that fresh announcement by the ECB to buy government bonds in conjunction with the ESM, de facto alters the scope of the fund and thus the rules of the game.

Equally interesting but the proposal form Union Bank, which is now present EC President Barroso in his State of the Union in the European Parliament.Apart from the common supervision of banks EMU (and other EU countries will want to add), the proposal should include the creation fund for banks in trouble (Consolidation Bank) and the system of deposit insurance.

With the new idea came Spanish Prime Minister Rajoy. Spain would like to engage in a plan the ECB to buy bonds without officially requested a bailout. He wants to escape the forced intervention in the budget. Just this one, the ECB wanted to avoid and therefore as a condition of participation gave ESM (or EFSF) to question the government was under sufficient pressure to push for reforms.

In anticipation of a favorable opinion of the German court and the growing likelihood of QE3, which the Fed could announce tomorrow, the euro strengthened against the dollar, currently number 1,287. On the wave of optimism but slipped and regional currencies. The koruna to the euro reached the annual maximum 24.30.Similarly, the dollar strengthened to 18.90, where it was last year in April. We're just so close to achieving our recommendations (18.50).

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