ECB Minutes show deep divisions over stimulus measures
Minutes of the March meeting of the ECB governing council, released on yesterday reveal deep divisions amongst its members over the latest round of ECB stimulus. The Dutch and German members were fiercely against, The Financial Times reports, with the minutes noting that some feared the measures could result in “market distortions,” and that “the costs and risks of engaging further in public sector asset purchases, particularly in the medium to long term, would outweigh their potential benefits.”
As usual, Germany's (now joined by the Dutch) objections to the ECB's quantitative easing program is ignored. It is a mystery why Germany continues to use the euro, since it is no one's interest, not even the rest of the Eurozone countries, that it do so. The euro is a mechanism for the rest of Europe to steal German capital in order to prop up unsustainable welfare programs. This process will not cease until Germany's economy is shattered. How can this be in the best interest of anyone, even the irresponsible countries of Europe? I believe the answer is that the rest of the Eurozone countries are led by opportunistic politicians who will line their pockets so that they themselves will not be affected by the coming collapse.