“Disputa entre España y Alemania sobre el Banco Central Europeo (BCE), atizando el riesgo de un enfrentamiento entre el Norte y el Sur de Europa” [ .. ] “Las tensiones solo pueden crecer” [ .. ] “Aumentan los riesgos para el sistema monetario europeo”.

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Germany and Spain have clashed in an escalating dispute over the European Central Bank, exposing the deep rift that has emerged between Europe’s North and South.
The simmering dispute erupted into the open after the ECB’s chief, Jean-Claude Trichet, opened the door for a rate rise in July, despite mounting signs of an economic slowdown across most of Europe’s Latin bloc. The change in ECB language has already pushed up Euribor lending rates by 32 basis points to 5.24pc, inflicting further pain on Spanish homeowners.
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“The tensions can only increase,” said David Owen, Europe economist at Dresdner Kleinwort. “Politicians are not going to stand by as their economies disappear into recession. There is going to be more speculation about countries quitting EMU,” he said.
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The ECB is having to pilot a hazardous course between inflation and the credit crisis. “The risks to euro area financial system stability on balance had increased,” it said in its monthly report.
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“There is a fairly broad consensus that US house prices have further to fall before housing market conditions stabilise. Vigilance by financial institutions is of the essence. Those with relevant exposures will need to step up their efforts to effectively manage the risks that may lie ahead,” it said. [Daily Telegraph, 10 junio 08. Ambrose Evans-Pritchard, Europe’s deep rift exposed over ECB’s interest rate policy].

● Economía en este Infierno.