The once mighty Bundesbank, responding to the changes to the growth and stability pact agreed last night is complaining that the so-called reforms will "decisively weaken" the pact.
The Bundesbank said it is "seriously concerned" about the proposed changes, especially as they will "water down" the 3 percent GDP deficit limit. It also said the changes to the pact could impair the framework of ECB monetary policy.
There was a time, of course, where not even a German chancellor could do anything without the permission of the Bundesbank. How the mighty have fallen.