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On the deteriorating relationship between Germany and the ECB

  • Reuters has a report giving new details of the deteriorating relationship between the ECB and the German government;
  • Benoit Coeure received a fairly cold response when he visited Merkel’s office recently, having been told that the chancellor has no control over the debate, even though she would not join in the Draghi-bashing in Germany;
  • the article quotes a sources as saying that Merkel felt betrayed by Draghi’s Jackson Hole speech;
  • it also gives graphic details about the personal relationship between Jens Weidmann and Draghi, which has hit “rock-bottom” according to one source;
  • it is our view that this dispute lies at the heart of the European policy conflict, and its resolution will have a huge implication for the future of the eurozone;

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