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CRISIS EURO
Asmussen defiende la necesidad del programa de compra de deuda soberana
EFE Economía Fráncfort (Alemania) 11 JUN 2013 - 17:40 CET
EURO CRISIS
Asmussen defends the need for the program to purchase sovereign debt
Economy EFE Frankfurt (Germany) 11 JUN 2013 - 17:40 CET
The German member of the executive committee of the European Central Bank (ECB), Jörg Asmussen, argued today before the German Constitutional Court program need to purchase sovereign debt of countries in difficulty and highlighted its limits.
Asmussen, who came as a witness on behalf of the ECB, said "my goal is to show that our measures were necessary, are effective and meet the ECB's mandate" in his speech at the first hearing of the trial to examine whether the ECB program is legal in Germany.
In his speech, Asmussen first explained the necessity and effectiveness of the ECB's actions in the context of the fear that it would break the euro created "severe tensions in the capital markets."
"At the heart of these distortions were the turbulence in the sovereign bond market, the largest capital market in the euro area," said Asmussen.
He recalled that the sovereign debt spreads Spanish and Italian ten-year risk premium incorporated over 6 and 5 percentage points respectively compared to German debt.
In July 2012 the profitability of Spanish and Italian debt two years peaked at 6.6 and 5.1%, respectively, when the interest rate was rector of ECB at 0.75%.
Asmussen also recalled that the program of monetary transactions of buying and selling, the second ECB is limited to debt with a maturity between one and three years.
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