- Can debate later if they were necessary
Reuters headlines.
Weidmann clearly ain’t your father’s Bundesbanker. His predecessor and Germany’s representative on the ECB managing board both resigned over the Securities Market Program. Weidmann is a different bread of cat, apparently.
With Spanish yields above 6% today, I’d view the remarks as short-term bullish for EUR/USD, implying the ECB could support Spanish debt, for a time. Longer-term, the bond buying has not prevented any of the three Troika bailouts, only postponed the inevitable.
