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The European Central Bank board meets today as Italy and Spain await a decision on an ECB debt purchase plan to relieve pressure on their markets. The German Bundesbank still opposes such an intervention.
ECB faces euro’s most critical moment – La Vanguardia
European Central Bank chief Mario Draghi could propose a dual strategy for the debt crisis, the Munich daily reports. The European Financial Stability Mechanism (ESM) would buy up government bonds like those of Spain and Italy, and the ECB would be massively present in the secondary market to buy up existing bonds.
ECB wants to buy government bonds again – Süddeutsche Zeitung
On a visit to Finland, Italian PM Mario Monti said that if the markets were slow to understand Italy’s efforts to restore economy, the country may need to ask the European Stability Mechanism (ESM) to buy government bonds - the so-called “shield” against high interest rates. But he excluded the possibility of a full-blown bailout.
Monti: we may need the shield – Corriere della Sera
In 2011, 250,000 Belgians on low incomes sought free treatment at state-funded medical centres. A figure that has doubled since 2010.
Crisis pushes Belgians towards free health care – De Standaard
Dutch households are putting aside some €83 million a day, writes the Rotterdam daily. In late June, Dutch banks held more than €321 billion in private savings. The banks are the main beneficiaries of this phenomenon, which penalises the economy as consumption declines.
Crisis leads to massive savings – NRC Handelsblad
The Grand Duchy of Luxembourg is a candidate for a non-permanent seat at the UN Security Council. It is competing with Finland and Australia to represent the group of "Western European states and other countries". The vote will take place on October 18.
Home stretch for prestigious project – Luxemburger Wort
A great number of German companies will be exempt from environmental tax until 2022. However, according to a draft bill which the government is to decide upon on Tuesday, 23,000 companies considered to be the most intensive energy consumers will be obliged to commit to saving energy. The treasury will thus lose €2.3 billion in taxes annually, the Berlin alternative daily laments.
Energy transformation — No thanks! – Die Tageszeitung
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