Did the ECB Just Warn Italian Voters Against Berlusconi?

The European Central Bank this week, for the first time, published details of its former bond-buying initiative, known as the Securities Markets Program. The timing of the release, on the eve of Italy’s Feb. 24-25 elections, is as interesting as the data.  Read more of this post

ECB Will Build a Bridge…But to Where?

All eyes are on the ECB governing council meeting on August 2nd to see exactly what Mario Draghi meant last week when he pledged that the ECB would preserve the euro. The way the markets have rallied off the back of this statement, it seems that investors think that the ECB is poised to intervene aggressively. Will they be disappointed? EZ policymakers have practically made an Olympic sport out of under-delivering throughout this crisis. Still, I think the ECB will succeed in sustaining the current market rally. The big question is whether EZ policymakers use the time lent to them by the ECB wisely, and on this I am highly skeptical. Read more of this post

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