German banking association says QE will have ‘marginal’ effects
The German banking association (BDB) is out with a response to the 1.14 trillion euro QE program announced by Draghi.
- ECB move will have ‘marginal’ price and growth effects
- ECB move will increase asset price bubble risks
- ECB liquidity will flow mainly into markets
That won’t be the last angry statement from Germans today. Comments from the Bundesbank are the main thing everyone is waiting for.