the miracles of passive voice in Lagarde's response: we are confident that a good solution will be found to the matter raised by the German Constitutional Court for the German government and German Parliament.
PEPP 'birth certificate': buying government bonds has a backstop function to deal with market stress/fragmentation and a stance function, to address the inflation outlook.
we can at least thanks the German judges for getting us an ECB that makes a better case for the monetary aspects of fiscal policies and vice-versa.
yes, but the script is much clearer now, less hiding behind the integrity of the transmission mechanism
https://twitter.com/FerdiGiugliano/status/1268533190924386306?s=20
Lagarde proud that Euro has international role given demand for swaps/repos (grunts heard in Eastern Europe), debt issued by the Commission reinforces that role.
Calls for deeper and more complete monetary union.
bingo #CapitalMarketUnion
Calls for deeper and more complete monetary union.
bingo #CapitalMarketUnion
wow Lagarde just made a case for coordinated monetary and fiscal policy - it is happening at the moment, and it's the right policy stance.
of course, PEPP is the 'efficient, effective and flexible' tool for coordinating monetary and fiscal policies, which of course irritates the hell out of Karslruhe
jaja, excellent telling off @Lagarde
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