The “original sin” that pervades everything at the ECB is that it equates a breakup of the Euro with its own demise. This means you can’t take anything that comes out of the ECB at face value. Take the President of the Bundesbank - Joachim Nagel - who this week said the ECB targets inflation and not “spreads.” Nagel was one of the main people who waved through a new ECB bailout facility - called TPI - in 2022. The TPI drops IMF-style conditionality that’s part of the ECB’s only other bailout tool (OMT), so this was a major concession to the high-debt South. Then there’s Executive Board member Isabel ... ( full story )
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