After an August under the banner of (relative) calm, investors seem to have to prepare a hot September. After the calm storm? In fact, the recession in Europe, the indecision and the division between eurozone leaders, the situation in Spain and Italy, forced to borrow at high rates, began to look of concern for Greece, the cocktail is explosive. The ECB President Mario Draghi sought to convince the markets about the irreversibility of the euro, saying he was ready to do everything will need to preserve the single currency. Encouraging words (?) who have partly contributed to loosen the tension on the markets but merely because they were uttered, raised some doubts. The Dragons, at this stage, presents a remarkable lack of details: time, mode, duration and amount of the intervention. This feeds the speculations and lends itself to easy denials.

The head of the ECB has raised many hopes. But the risk is to create a big disappointment if the intervention of the Frankfurt Institute were to be abandoned, delayed or distorted due to opposition from Germany (Berlin estimated that a massive intervention by the Central Bank could trigger a surge in inflation and promote some fiscal laxity from the States). The next Conference of dragons, waiting for the 6 September, will be followed with particular attention.

The ECB's action can also depends on the decision of Spain to ask for (or not) to help eurozone firewall to save an economy choked by the collapse of the banking sector, a victim of the explosion of the housing bubble. The ECB does not intervene to buy Spanish debt until Madrid will formalise its request for aid to the European financial stability Fund (EFSF). So far the premier Mariano Rajoy refused to do so, fearing the imposition of drastic restructuring terms.