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Mario Draghi is an elegant man: no jabs at JC Trichet for that legacy of 'very conservative central bank' that eroded credibility of ECB as firefighter ft.com/content/b59a4a…
he is also an optimist: the sovereignists may have lost the battle for the euro, but it is unclear who won it.
That battle is not only fought on the monetary front, and he knows it well when he calls for supranational fiscal policies.
That battle is not only fought on the monetary front, and he knows it well when he calls for supranational fiscal policies.
full transcript far more fascinating because it brings macro-finance into standard narrative of nation states w different current account deficits and public debt levels (that FT piece doesnt really challenge) ecb.europa.eu/press/inter/da…
Draghi: Not all TLTROs are created equal, it's all in the collateral terms (hello repo market & #shadowmoney geeks)
TLTROs throughout early 2012 not enough to reverse crisis of confidence. Only 'whatever it takes'.
Which puts to rest two (imo wrong) theories of saving the euro
1. That it was the super generous terms of TLTROs that did it
2. That is was Banking Union that did it.
Which puts to rest two (imo wrong) theories of saving the euro
1. That it was the super generous terms of TLTROs that did it
2. That is was Banking Union that did it.
calling it a spade: Bundesbank is to blame for negative view of ECB in Germany.
here clearer - Banking Union did neither make OMT possible (Draghi did) nor did it save the euro (Draghi did).
