In a televised address to the nation tonight, Sarkozy

called for a new treaty incorporating tougher budget discipline, a European Monetary Fund to support countries in difficulty and decisions in the euro area taken by majority vote instead of unanimity.

While talking about the ECB printing, he said

“Naturally the European Central Bank has a decisive role to play … I am convinced that faced with the risk of deflation with threatens Europe the central bank will act.”

Earlier today ECB President, Super Mario Draghi went on to hint of the ECB printing monetizing (or is it called sterilizing), to protect against deflation.

he said the ECB was aware many European banks were in difficulty because of stress on sovereign bonds, tight inter-bank funding markets and scarce collateral.

“Downside risks to the economic outlook have increased,” he said, noting that the ECB’s mandate was to maintain price stability “in both directions” — a rare indication that the bank is concerned about deflation risks as well as inflation.

So, there you have it. TPTB want total control and turn on the printing press. This ties in with an earlier post which backs up Paul Craig Robert’s theory on the engineered Eurozone crisis.

Source: Reuters

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