Submitted by Tyler Durden: It appears as though the ECB has had enough of the thorn in its side that is Germany in this latest round of back and forth, and has taken to what it does best: jawboning. In an article published today in the Frankfurter Allgemeine Sonntagszeitung newspaper, executive board member Benoit Coeure writes a rambling article defending ECB's policies, tells Germany that the ECB is the reason for its economic success, and downplays the issues that any savers may be having under NIRP.
Leading up to the article, Germany's finance minister Wolfgang Schauble has been increasingly vocal with his displeasure at Draghi's policies, first by saying that the loose monetary policies would end in disaster, and hinting that Berlin would consider taking the ECB to court if ever Draghi introduced the "very interesting concept" of helicopter money (bypassing the banking sector and distributing money directly to companies, consumers, and states). Then, a few days later, Schauble said that monetary policy was largely exhausted globally, and that the ECB is causing extraordinary problems in reference to negative interest rates that are hammering savers.
Leading up to the article, Germany's finance minister Wolfgang Schauble has been increasingly vocal with his displeasure at Draghi's policies, first by saying that the loose monetary policies would end in disaster, and hinting that Berlin would consider taking the ECB to court if ever Draghi introduced the "very interesting concept" of helicopter money (bypassing the banking sector and distributing money directly to companies, consumers, and states). Then, a few days later, Schauble said that monetary policy was largely exhausted globally, and that the ECB is causing extraordinary problems in reference to negative interest rates that are hammering savers.