ECB – ricardian ambivalence

Mario Powers Up

Draghi announced SMP2 at today’s ECB presser. Find the details here. The deal is conditional (‘strict and effective conditionality’), focused

Read John Cochrane’s post on the consequences of quasi-fiscal monetary policy for central bank independence. He nails the ECB’s dilemma:

No one has ever made any money having faith in the ECB – and my skepticism was repaid again last

With the FOMC having shown its hand, focus now turns to the ECB – to see what Mr Draghi meant