“Clenched teeth” & “Stupid Grin”

The European Central Bank is set to unveil a programme of mass bond buying next week to save the eurozone from deflation, but has bowed to German pressure to ensure that its taxpayers are not liable for any losses incurred on other countries’ debt.

Jens Weidmann, the Bundesbank president who is the most vocal opponent on the governing council to QE, has indicated that sovereign bond buying without placing the risk on the books of the national central banks would pave the way for an illegal redistribution of risks between eurozone taxpayers.

Clenced teeth-stupid grin

 

HT Benn Steil

2 thoughts on ““Clenched teeth” & “Stupid Grin”

  1. Unlimited QE, until Draghi is happy is a top result. The promise of the Summer 2014 that was was working, via expectations about today. Has been turned into an even better than expected reality. Expectations are rising more. It’s taken three years but Draghi is now in control, the Austerians are routed. MM should give him some credit now.

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