This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Resolving crisis conditions responsibly isn't even discussed. It's a recipe for disaster. Only its timing is unknown.
On July 31, the Financial Times headlined "Time for something different from the ECB," saying:
After becoming president last November, Draghi said the "security markets program" his predecessor launched was seriously flawed.
"ECB hardliners (said) the bank compromised its political independence by wheeling-and-dealing with eurozone governments."Something different is needed. "The ECB is responsible for the effective implementation of its monetary policy. But, with eurozone interest rates diverging so much, that is clearly not happening."
Draghi left key questions unanswered. "Will the ECB overcome the 'seniority' problem of a revamped bond-buying program by finally taking losses on its Greek bonds?"
"How will he keep the (leery) Bundesbank on side, or at least prevent it undermining the credibility of any ECB intervention?"
"Will it somehow try to distinguish between 'convertibility' premiums and other factors driving up bond yields?"
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
