That excuses the ECB from the first paragraph. It does not excuse the ECB from anything else on that laundry list of indictments of poor performance.

In fact, it does not even excuse the ECB from the first paragraph. Because the ECB has been lobbying for the banks to not be resolved since the first day of this crisis. The ECB decided to be a part of the problem, where it could have been a part of the solution.

- Jake

Friends come and go. Enemies accumulate.