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2011-08-08

ECB's two German members and the Dutch governor have refused to endorse such a quantum leap.

ECB did not succeed in stemming the crises in Greece, Ireland, and Portugal, despite buying almost a fifth of their debt.

So any intervention /in Italy and Spain/ would have to be massive to convince the markets, pushing the bank ever further beyond its legal mandate and treaty authority.

Yet we know that the ECB's two German members and the Dutch governor have refused to endorse such a quantum leap.


We face recession without shock absorbers as Berlin loses patience with the eurozone - Telegraph

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