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Cecily Cecily

Writing Worth Reading

The Emminger Letter Reappears

Analysis. How the history and psychology of the German Bundesbank helped shape the Cyprus showdown. A “chilling” secret document drawn up in 1978 gave the German Bundesbank power to sidestep obligations to prop up other European currencies. The Bundesbank used that loophole to force a devaluation on Italy in 1992. The shocked governor of the Italian Treasury at that time was Mario Draghi, who now runs the ECB. “Draghi has been on the receiving end of the Bundesbank’s power. And he could be excused for now thinking he can unleash some of it in the service of the ECB” (1,000 words)

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