Bogazici University- Center for European Studies
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Berlin vs. Rome: A Tale of Two Visions
For weeks, the eyes of the world have been on Spain. Ever since the European Central Bank announced its Outright Market Transactions program, Madrid has kept the markets guessing over whether it will request aid from the euro zone's bailout funds, paving the way for the ECB to start buying its bonds. The market suspects an ill-tempered standoff between a stubborn Spanish government and its euro-zone partners. Anxiety last week spilled over into the market with Spanish bond yields rising sharply and stock markets selling off. But the reality is more complex. At the heart of the Spanish impasse lies a wider political dispute that goes to the heart of the euro crisis—and the main protagonists in this debate are Germany and Italy. How this disagreement is resolved will shape the future of the single currency.
This excerpt was taken from The Wall Street Journal. To be able to read the whole article, please visit this link.