Mutiny On The ECBounty: European Central Bankers To Challenge Draghi, Just Say No To QE

Game changer? It appears there is a mutiny afoot in Europe as Reuters and Bloomberg report that a number (rumored to be between 7 and 10) central bankers are set to challenge ECB head mario Draghi’s leadership style and question his decisions on quantitative easing. As Reuters reports, bankers faulted his secretiveness and communication style making it hard for ECB to take bolder steps.

  • NATIONAL BANKERS FAULT SECRETIVENESS AND COMMUNICATION STYLE
  • SOME MEMBERS PLAN TO RAISE CONCERNS AT GOVERNORS DINNER
  • DRAGHI KEPT AIDES IN DARK ON POLICY STEPS
  • IRRITATION COULD MAKE IT HARD FOR ECB TO TAKE BOLDER STEPS

Via Reuters,

The bankers are particularly angered that Draghi effectively set a target for increasing the ECB’s balance sheet immediately after the policy-making governing council explicitly agreed not to make any figure public, the sources said.

 

Even members of the ECB’s executive board – the six-member inner circle that runs the bank – were not informed in advance about two key recent policy announcements, two sources said.

 

“Mario is more secretive… and less collegial. The national governors sometimes feel kept in the dark, out of the loop,” said one veteran ECB insider.

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Stocks are not happy:




via Zero Hedge http://ift.tt/1AbmyCt Tyler Durden

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