Graham comments on the Bundesbank's rejection of unlimited bond purchasing by the ECB.
Bundesbank blasts the idea of unlimited bond purchasing by the ECB on the grounds that it is “the responsibility of fiscal policymakers – the governments or Parliaments of euro area countries – to decide whether to possibly considerably enlarge the communitisation of solvency risks”. BuBa is right: the potential scale takes it way beyond technical considerations and the politicians cannot evade their responsibilities in this way. That is the object of the #bishopbills plan (further details).
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© Graham Bishop
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