Mario Draghi will rejoice , Once again, President of the European Central Bank surprised markets. The praise for the roller coaster ride of courses from the City of London, he likes to hear. He feels unlike Frankfurt understood there is flattered him, where he is celebrated because he drastic deeds takes his words (whatever it takes) by simply making a lot more of everything. For Draghi there is no limit, as the ECB itself determined that everything she does is in their mandate.
Author: Holger Steltzner, Publisher.
For a formally independent of politics central bank is somewhat dangerous. Nevertheless, the European Court has issued such a clean bill of health in a dispute with the Federal Constitutional Court for the purchase of government bonds of the EU’s most powerful institution, although the ECB is not subject to democratic control, except that elected leaders appointed their directors.
“We have had good experiences with negative interest rates “, now called Draghi euphoric stockbrokers to. The Germans he speaks partly in German conscience: The “No-to-all-strategy” would have led to disaster. This one may well be understood as a break with the nagging saving rolls from Germany, whose provisions for old age through the penalty interest rather shrinking instead grows. Germans, like most Europeans Had simply taken more loans to buy stocks or houses, then they should complain less today, one still thinks the Euro Tower overlooking the German asset anorexic compared.
However, no one knows where Draghi will adopt the euro at the end. Always visible, however, are the risks and side effects of his medicine, the longer it is administered. Instead of economic growth in the currency union’s debt and in Greece, Portugal, Spain, France or Italy there is rather a standstill instead of reforming zeal. Politically weaken the euro and the refugee crisis centers, more the edges are right and left.
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the fact that the President of the Bundesbank sitting in this decision only at the table, but not allowed to vote then is a side note, but more than a trifle, because especially the financially strong Germany holds the euro zone and the land on top of that by far the largest shareholder and risks of the ECB. For like Draghi would finally proclaimed unanimity, but there was again contrary to his policy -. Also unopposed by Jens Weidmann
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