This reminds me of the Mel Brooks skit “The people are revolting.”
Liquidity moves markets!Follow the money. Find the profits!
It this case, it is France and Germany resisting more QE while “the people” (Spain, Italy and Greece) are revolting and pushing for more QE.
(Bloomberg) — European Central Bank governors representing the core of the euro-area economy resisted President Mario Draghi’s ultimately successful bid to restart quantitative easing, according to officials with knowledge of the matter.
The unprecedented revolt took place during a fractious meeting where Bank of France Governor Francois Villeroy de Galhau joined more traditional hawks including his Dutch colleague Klaas Knot and Bundesbank President Jens Weidmann in pressing against an immediate resumption of bond purchases, the people said.
Seriously, how much extra QE does Spain, Italy and Greece want?
Is it because their banking systems are still in the doldrums? Here is a sample of an Italian, Spanish and Greek bank.
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