Irish Finance Minister Noonan says if any ECB quantitative easing becomes a function of national central banks it will become ineffective.
Separately, Coeure said nothing has been decided on QE. He also sounds reluctant on pooling the risk: ” If its for ECB to take big leap forward to sovereign risk pooling, then its best we don’t do it.”
I sympathize with that decision. Plenty of eurozone leaders want more integration but they don’t want to take that to their voters or be held responsible for it. That’s not how democracy should work.
