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I certainly agree with your last paragraph, but don't agree with you on Germany's actions. Supporting the independence of the ECB, especially when it has historically acted in Germany's interests, is just one thing. Opposing resolutely any changes to overall policy that might provide mutually beneficial recycling of Eurozone member state surpluses into Eurozone member state deficit countries in the form of profitable investments, the profits from which would, after all, flow first to the creditor states, is just one problem. Due to German intransigence monetary policy by the ECB is the about the ONLY tool available and the ECB is still strongly constrained about how extensively it can use monetary policy and other 'tricks' like QE. But then, who is the champion of economic sanity for the Eurozone? Varoufakis at least tried.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Feb 8th, 2017 at 03:50:12 PM EST
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