Mar. 12 - A wary German central bank says it has set aside billions more euros against what it deems risky European Central Bank moves, and criticises France directly for ''floundering'' in its reform drives.
I think -- -- functioning transmission mechanism doesn't mean that we have decision interest rates for everybody in every country in Europe. It is pretty metro dome but there isn't a different position in the business cycle through different credit risk for specific firm. All of the different Driscoll for a specific state. This also reflected in the financing conditions. Off of firms that sentence I would not expect to complete convergence. Of interest rates are financing costs. Didn't -- Euro area aren't even if the transmission mechanism where completely fixed -- -- there it is different driving forces and one of which -- dimensions it. Of course of course need for it delivers your purses and some of the thank your systems are -- Euro area and that's and Smart or Boris. That is fine tuning sectoral financing conditions. There's not a task for monetary policy and there are other -- instruments to do with this. The governments to do have some specific things that have been set up for this purpose like the -- W him in Germany and restrict first. Look at this project capacity. To -- and he sure I won't comment on the specific electoral outcome and I'm not really sure where that this specific. Electoral outcome that you mentioned this either approach Pickens is suspended specifically coming proceeds. Colorado and expression off off off abroad -- from Scranton. Two it's true of course -- that Sudanese crisis that we have for instance a crisis of confidence. And the crisis of confidence in the competitiveness off some of the country is a crisis in confidence and public households are specific countries. And I think this confidence cannot begin to -- for storm. And protection of the return -- causes of the crisis further and further. And it didn't you end up to him the question of the veterans between doors that are currently financiers. The adjustment process is under scrutiny for their for the program countries for instance -- detection instruments -- uniforms. And this it's a very delicate and finding condoms I believe that France has particular responsibility. To make clear that the new rules to -- agreed to in the crisis and one of them is the strength and stability and prospective -- in your -- frustrated. Applied and that we doing to look at the first time notification. For an escape through two two bit too good to to the timing -- -- to its roots in the mid sentence. I think France tennis -- -- I wrote to demonstrate that we stick to the rules. And it's but we also continue on the -- presentation --