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2019-10-08

The hardest job for the ECB’s incoming boss will be explaining to Germany why it should back monetary - and fiscal - stimulus.

In the 1990s, selling the Germans on the euro was hard. Even if they vaguely liked the idea of Europe’s “ever closer union,” they loved their D-Mark even more. That’s because they trusted Germany’s arch-conservative central bank.

As Jacques Delors, a Frenchman and former president of the European Commission, once put it: “Not all Germans believe in God, but they all believe in the Bundesbank.”

Bloomberg 8 October 2019

In Strasbourg on Dec. 9, 1989, after the Berlin Wall fell,
Germany agreed to monetary union in order to get President Mitterand to agree to German reunification



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