Interesting commentary from Dr. Michael Ivanovitch:
“The German
government appointee to the ECB's Council is now saying "yes, but …"
The "yes" is an apparently grudging admission that the ECB has
"to do something" to get inflation back up in the target range, but
Germany considers that interest rate cuts, asset purchases and other
extraordinary monetary policy instruments are going "too far."
At a closer look,
it turns out that asset purchases are for Germans the main part of that alleged
policy overkill.”