The EU crisis is still a matter of political will

While there has been much discussion about the ECB policy actions, the underlying theme coming from the central bank is that it will help with all of the power at their disposal if there is more action taken by finance ministers on fixing balance sheets.

There is no bottomless pocket from the ECB if there is no spine showed by the governments. The optimism that has often appeared with central bank action has been offset by the lack of political will for fiscal discipline. Clearly, the German courts ruling on the legality of the European Stability Mechanism (ESM) suggests that solutions are available, but the fact that it will not have a direct link with the ECB means it will not be easy to tap the central bank.