German orthodoxy has lost out to practical politics

German orthodoxy has lost out to practical politics
Jens Weidmann: disagreement with Mario Draghi over ECB policyBloomberg

Berlin took on Frankfurt. Frankfurt won, at least for now.

The governing council of a central bank, like its political or religious equivalent, is always keen to display unity in public. The authority and credibility of the institution and its policies are generally viewed as sacrosanct. Particularly on issues which give rise to intense internal debate, the unwritten rule of rallying around a common policy for external consumption is seldom broken.

The very public disagreement therefore, between the president of the ECB, Mario Draghi, and...

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