At The Economist, this passes for sensible comment:
The snag with using the ESM is that its firepower is limited to €500 billion (of which up to €100 billion is already earmarked for Spanish banks). By contrast the ECB’s resources are potentially unlimited.
Unlimited resources? Magic! Why ever didn’t they say so before…
There’s a primer to help rethink economics here.
Tags: economics, The Economist
