After 'Commenting on European Council: Economic policy', we turn to the permanent bailout system adopted by the spring summit 24 and 25 March 2011.
European Stability Mechanism (ESM)
The new eurozone stability mechanism ESM got a mixed reception in Germany, Reuters Detuschland tells us: Lob und Tadel in Deutschland für Euro-Paket (25 March 2011).
With regard to last minute changes to the new European Stability Mechanism, intended to protect the euro currency from speculation beginning in 2013, as well as other issues, Spiegel Online International presented both the German reasons and European irritation: European Leaders Agree to Euro Rescue Program (25 March 2011).
EurActiv reported on the negotiations leading to the EU's permanent bail-out fund, the European Stability Mechanism (ESM): EU leaders thrash out deal on permanent euro shield (latest update 28 March 2011)
According to Irwin Stelzer in The Wall Street Journal, ”the euro-zone summiteers seem to have concluded that if at first you don't succeed, continue making the same mistake.” The basic problem is the lack of competitiveness of the southern-tier countries; in: New ESM Won't Solve Euro-zone Woes (28 March 2011).
Adopting the Euro Plus Pact may have been the easy part, implementing it and especially achieving growth are the real tests. An article in the English section of Presseurop about the Europact discusses reactions in different Central European countries: What's in it for Eastern Europe? (28 March 2011).
According to Charles Forelle on the WSJ Real Time Brussels blog, Standard & Poor's downgraded credit ratings reflect nervousness about the new European Stability Mechanism: Greece, Portugal Cut. Thanks ESM! (29 March 2011).
The French Toute l'Europe ran its own European press review yesterday, including links to news and opinion in five languages: Revue de presse : Un pacte, oui mais pour qui ? (29 March 2011).
P.S. On the collective quality blog Europe – 27 etc ”Jamel de L'or” presents a selection of ten ”must read” media in French on European affairs: Médias : Comment s'informer, en français, sur l'actualité européenne ? Highly recommended.