Any discussion of the politics of quantitative easing (QE) is supposed to start by saying there are no politics – the ECB is an independent Central Bank that does not take instructions from national governments. Draghi, Trichet and Duisenberg have all felt the need to remind us of this from time to time. But, of course, we all live in the real world, and that is an intensely political place.
Besides, Draghi is right to...
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