June 06, 2014

Martin Wolf, indeed, all Mario Draghi pulled out of his hat, was another little timid rabbit.

Sir, I refer to Martin Wolf´s “Draghi has pulled another rabbit out of his hat” June 6.

Instead of the “targeted long-term refinancing operations”, the TLTROs, to “help the credit-starved segments of the eurozone economy” I would have loved a real declaration of change such as:

“From now on we the ECB will not admit bank regulators treating medium and small businesses, entrepreneurs and start-ups, as intrinsically more risky for Europe, than the “infallible sovereigns”, the housing sector and the AAAristocracy”

That would have been a real animal spirit to pull out of the hat. As is, all we got from Draghi and ECB was indeed another little timid rabbit.

PS. Sir, again, just to let you know, I am not copying Martin Wolf with this, as he has asked me not to send him any more comments related to the capital requirements for banks, as he understands it all… at least so he thinks.