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Compromise and Persuasion Won Grudging Support for E.C.B. Bond Buying
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An extraordinary achievement after months of careful planning in designing the 1 trillion euro bond buying program to calm German fears, diplomacy in Germany, and persuasion with German media, for Mario Draghi of the ECB and other members of the six member Governing Board of the ECB. Risk will not be passed onto other countries and will remain largely within each central bank and each country for managing its finances- this is the ECB's approach that convinced other countries, Netherlands and Germany.
ECB's Draghi, Germany and Merkel as the ECB announces its $1 trillion bond buying program in Jan 2015- months of careful diplomacy, persuasion and compromise
01/23/2015
Draghi visited Merkel in Berlin, Jan 14, 2015. Months of careful planning in designing the program to meet the concerns of Germany, and an effort to calm German opinion and explain the program led to an extraordinary achievement for Draghi. German leaders Schauble, Merkel and Weidmann, only said the program should not take the pressure off governments to make structural reforms, but no leaders expressed opposition to the program. Geman newspapers also refrained from inciting German opinion about the program, And the program was presented as solely to pursue the target inflation rate of 2%, a core part of the ECB mandate.
Grouped Articles
Compromise and Persuasion Won Grudging Support for E.C.B. Bond Buying
New York Times 01/23/2015
Quiet Start to Central Bank Bond-Buying Program for the Eurozone
New York Times 03/09/2015
Wall Street Journal 03/10/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
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Wall Street Journal 10/23/2015
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