Without German support, QE in the Eurozone remains a distant dream

Q. What further monetary easing measures do I expect the ECB to announce?

A. Maybe a few basis points off interest rates.

Q. Will they announce QE?

A. No.

Q. Why not?

A. Because the ECB needs the Germans to co-operate, and at the moment they aren't co-operating.

There's a fuller explanation at Forbes here.

And the deeper story behind Draghi's Jackson Hole speech at Pieria here.

Depressing.


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