• Monetary, fiscal policy must be separated (bond buying blurs the distinction)
  • Bond purchases are risky
  • German public against bond buying
  • Italy has a confidence; yields are lower than historical highs
  • There will be no price stability if ECB doesn’t stick to its framework
  • Bank recapitalization can reduce contagion risks

Headline via Bloomberg. They are similar to those voiced in the FT last evening.