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Obviously buying covered bonds but not sovereign bonds in the secondary market isn't a policy mix deliberately discriminating against some members and in favor of others.

Clearly the ECB is a purely supranational institution, and it is merely a coincidence that its decisions happen to consistently promote German interests and atavistic German hard-money neuroses.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Mar 15th, 2015 at 06:36:51 PM EST
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