Shortly before the “curtain opened”:
Although some eurozone countries are critical of ECB concessions to Berlin, in Germany itself there is still strong opposition to the very idea of QE. Speaking in front of Mr Draghi and hundreds of other guests at a finance industry reception on Monday, Ms Merkel warned against using monetary policy to let governments in vulnerable economies off the hook over reforms.
She said: “One must prevent the dealings of the ECB from easing the pressure for improvements in competitiveness.”
In fact she wants to “keep them thirsty”:
And when the “curtain finally opened”:
Twenty percent of the additional purchases will be subject to risk-sharing arrangements, designed to limit the amount of risk the ECB takes on to its balance books. The majority of risk will remain with euro zone national central banks.