In this video, Steen Jakobsen, Chief Economist Saxo Bank, looks at the next steps of the European Central Bank in the coming weeks. Of particular focus is its policy meeting on September 6, though not much is expected to be revealed. How Germany's Constitutional Court rules on the European Stability Mechanism (the Eurozone's permanent rescue fund) just six days later is an important milestone.

Nevertheless, it is clear that the ECB wants to be a part of the solution for solving the Eurozone crisis once the ESM is in place and one possible supportive mechanism could be the issuance of bills to help troubled countries finance their short-term funding needs.

ECB focus: Getting Germans on board
The ECB will need a mandate change to issue bills and will have to get German support. If it does not get this support then it is crucial that the Germans at least don't oppose this. "The Germans might abstain but if they negatively impact bill issuances then this will be seen as a showstopper," says Steen.

The next focus will be getting the Germans to move away from the idea of requiring ESM fund disbursement decisions moved from a budget approval committee to the entire German parliament (Bundestag).

"The ECB may win on the ESM but lose on the budgetary committee which is more significant long term but there could be a rally in between the two events," says Steen.For more comments by Steen Jakobsen see his blog Steen's Chronicle on TradingFloor.com