Bank of Luxembourg gov and ECB Executive Board member Yves Mersch has given an interview to Neue Osnabruecker Zeitung saying
German reservations are taken into account fully, though perhaps only when you read the small print
Ah, the small print. Of course. Always the small print.
But it’s important too for a number of reasons, not least the ongoing legal issues , and Mersch, focussing on one of Germany’s main worries about the ECB QE plan, said it involved
“no shared liability (for member states’ debts), as would be the case with euro bonds
And yesterday Adam had this on reasons why German oppostion to QE and the Eurozone are “laughable”
I’ll let you, the jury, decide
I’m off to watch the mighty Southend United FC at Portsmouth
Have a great week-end out there wherever it takes you, and thank-you again for all your brillant input and support over what has been a tumultuous ten days in the fickle world of foreign exchange
Mersch – It’s all in the small print
