Kot povzema nemški Spiegel, se velika večina voditeljev evrskih držav zavzema za možnost, da bi evropski stabilnostni mehanizem ESM pri neposrednem reševanju nasedlih bank imel možnost neposrednega dostopa do likvidnostnih sredstev ECB. Do njih bi prišel, če bi ESM pridobil bančno licenco. S tem bi se – ob sicer blagodejnem učinku na javne finance držav z nesolventnimi bankami – po eni strani skrajšali postopki reševanja bank, na drugi pa bi se povečalo zaupanje finančnih trgov v možnost bančne konsolidacije in fiskalne konsolidacije držav.

Toda nemški politiki (še vedno) zavračajo to možnost:

The German Finance Ministry on Tuesday rejected the plan. A spokesman said the ministry saw no need for an ESM banking license. “And we’re not holding talks on this issue.”

Former ECB chief economist Jürgen Stark, who is German, said the plan amounted to a clear breach of EU rules. “We are already in a very extreme stretching of European law, to put it mildly,” he told Deutschlandfunk radio. Stark resigned from the ECB because he disagreed with its bond-buying program, which has been discontinued but whch Draghi signalled last week would be resumed.

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Merkel, currently trying to enjoy a rainy hiking vacation in the Alps of South Tyrol, faces a difficult autumn. Two of her coalition partners, the Bavarian Christian Social Union and the pro-business Free Democratic Party, are just as staunchly opposed to giving the ESM a banking license as they are to establishing euro bonds, and so are many in her Christian Democratic Union party. The Süddeutsche even wrote that Merkel’s coalition could face collapse if she were to push through any such proposal without regard for her political partners’ reservations.

Rainer Brüderle, the parliamentary floor leader of the FDP, told the daily Die Welt: “A banking license for the ESM is an inflation machine and a wealth destruction weapon. It is neither in the German nor the European interest. With the ESM Germany already went to the limit of what is constitutionally possible, fiscally acceptable and economically sensible.”