This is an excellent editorial article from the FT. It’s a strongly recommended read. Check it out!
The Eurozone is in an increasingly desperate mess, despite strong growth in both the US & the UK. Strong fiscal measures for the Eurozone have been vetoed by Germany and her flunkies in the ECB and the European Commission.
Mario Draghi, head of the ECB, is operating with his hands tied behind his back; he’s not allowed to be a real central banker.
According to the FT, the ECB’s latest ABS purchase scheme has aroused suspicion from Wolfgang Schäuble, German finance minister, and outright opposition from Jens Weidmann, Bundesbank president, and the wider Bundesbank establishment.
This blog respects the idea that Germany will conditionally agree to monetary and fiscal latitude in return for real economic reform in Southern Europe.
Let me ask two open question:
- Surely, it is time for the people in Germany to push back against the the conservative politicians who are destroying Europe, including Germany?
- Otherwise, surely it’s time to dismantle the Euro?