Mario Draghi is waiting for Spain to get back to him on whetherhis plan to save the euro is needed.

One month after the European Central Bank president unveiled anunprecedented bond purchase program to rescue Europe's embattledsouthern fringe, Spanish Prime Minister Mariano Rajoy is showingreluctance to ask for the aid he pushed for with Italy on concernabout the terms attached to it. As ECB policy makers meet inSlovenia today, Spanish two-year note yields are more than 50 basispoints higher than the five-month low touched on Sept. 7, the dayfollowing their last decision.

“We're back at this game of brinkmanship between the ECB andgovernments again, and it's a case of who makes some concessionsfirst,” said Nick Matthews, senior European economist at NomuraInternational Plc in London. “The markets will continue to play asignificant role here and Draghi needs them to turn up thepressure.”