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23 January 2015


The long-awaited ECB intervention has arrived. Unfortunately beyond the amount planned interventions clause that the liability to 80% of the loans will remain the responsibility of any single country cools much enthusiasm. Everyone thinks that it would take a real political union of Europe, but too many still subordinate political union to financial recovery of every single country. Mr. Draghi has tried it hard but probably Merkel has cooled the enthusiasm.

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