In the long euro crisis, there is often a sobering morning-after whenever there appears to be a major breakthrough. And so it went again Friday.
The unlimited bond-buying plan that the European Central Bank president, Mario Draghi, announced to much fanfare Thursday as a way to stabilize the euro currency union ran into immediate political problems a day later in Germany, Spain and Italy.
Despite Chancellor Angela Merkel’s support for Mr. Draghi and the independence of the E.C.B., German political and media reaction was scathing, with charges that the bank, in seeking to stabilize the euro currency union, was subverting the bank’s mandate to fight inflation and forcing collective debt upon euro zone members.
Source: New York Times. Read full article. (link)