1) Compliance with EU fiscal framework
2) Absence of severe macro-economic imbalances
3) Fiscal sustainability
4) Sound and sustainable macroeconomic policies
Now we have the ECB deciding who is fiscally solvent and who has 'sound policies'. This is an affront to democracy and basically the ECB taking the reigns of eurozone policymaking.
The euro is at session lows and Italian spreads are at the wides as the market judges that Italian debt won't be eligible under this criteria.
