Skal EU videre herfra, er det afgørende at Tyskland accepteret finanspolitiske lempelser. ECB og Draghi har udspillet sin rolle. Hvad ville være mere oplagt end at Draghi overlade ECB til en tysker > Steen Jacobsen fra Saxo: ECB: I will let other discuss the mechanics of Draghi’s speech but I want to elaborate on what I think is happening behind the headlines in ECB and with Draghi.
The last few days I have heard more and more rumors that Draghi could on his way home to Italy as President back stopping Renzi’s reform program. Of course, at first I refused, but let’s go through the rationale here:

1.) Draghi and the ECB at the end of their cycle. Even Draghi acknowledged today that ECB is no at zero bound – not heading to zero bound. In other words ECB now needs the politicians to step and force reforms which make banks lend and consumers consume.

2.) Who is better to fight the political pretend-and-extend modus operandi in European capitals – Draghi or Weidmann? Who has Germany full support.

The ECB have reached zero not only in interest rates, but also in ability to do more – A ECB with Weidmann could mean 1.3000 becomes the low – I remain medium- and long term confident of high in US Dollar in Q3