Spain's future rests partly on today's European Central Bank (ECB) meeting, which will be dominated by Germany's central bank, Bundesbank. Can we be optimistic about the outcome of the meeting?
There are signs that effective measures will be adopted despite lower expectations from Germany's central bank. The first and most important reason is the change in the EU's attitude over the past week. Just hours before this critical meeting, the EU has demonstrated its readiness to consider backing the debt that is greater than 60% of Spain or Italy's GDP. This decision will help lower financing costs for both countries and reduce market pressure. Whatever options Draghi might propose today in addition to the ECB backing plan could help Spain and Italy create jobs and see their future more clearly.
