Apparently Merkel and Trichet were attacked in the German parliament today for buying periphery bonds, with a lawmaker dubbing the Securities Market Program the fist tranche of “Merkel Bonds”.
Trichet is having a fit, more exercised than I’ve ever seen him in public, ranting about delivering price stability for over a decade because of the ECB independence.
The ECB bought bonds because it was doing its job and the governments were not, he says. Trichet attacks Germany, saying it breached the stability pact in the naughts and that the ECB has done a better job on price stability than the Buba…
Great central bank theater…
