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Mariano Rajoy frustrates many with his prevarication over a fresh euro-zone bail-out, which now comes with a conditional promise from the European Central Bank (ECB) to help bring down Spain ’s stifling borrowing costs.

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Italians dream that the ECB (European Central Bank) will make their life easier than the Bundesbank does now... The new central bank is certain to establish itself at the outset as a direct continuation of the German central bank.

— Rudiger Dornbusch, "Euro fantasies", Foreign Affairs, vol. 75, n. 5, p. 121, September/October 1996.

Tags: Italians, dream, European, Central, Bank, life, easier, now, new

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