{"id":20035,"date":"2016-04-19T20:44:59","date_gmt":"2016-04-20T01:44:59","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20035"},"modified":"2016-04-19T20:44:59","modified_gmt":"2016-04-20T01:44:59","slug":"we-cannot-afford-another-draghi-germany-attacks-ecb","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20035","title":{"rendered":"\u201cWe Cannot Afford another Draghi\u201d: Germany Attacks ECB"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2016\/04\/19\/we-cannot-afford-another-draghi-germany-attacks-ecb\/\">\u201cWe Cannot Afford another Draghi\u201d: Germany Attacks ECB<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>Negative interest rates, helicopter money trigger Clash of Titans.<\/strong><\/p>\n<p>Relations between the government of Europe\u2019s biggest economy, Germany, and Europe\u2019s most powerful financial institution, the European Central Bank, have soured to the point of curdling.<\/p>\n<p>The latest volley of barbed remarks came from Germany\u2019s dour Finance Minister Wolfgang Sch\u00e4uble, who has never been one to mince his words. Speaking at an awards ceremony outside Frankfurt on April 8, he\u00a0<a href=\"https:\/\/global.handelsblatt.com\/edition\/407\/ressort\/finance\/article\/the-ecbs-backers-and-detractors#.VwzIKRrPAZw.twitter\">told<\/a>\u00a0the audience that the stellar rise of right-wing populist Alternative f\u00fcr Deutschland party was due in large part to the ECB\u2019s loose monetary policy.<\/p>\n<p>\u201cI told Mario Draghi \u2026 you can be very proud,\u201d according to a report by a Dow Jones journalist who was present.<\/p>\n<p>Sch\u00e4uble\u2019s off-the-cuff remarks set in motion a flurry of caustic statements from other conservative German politicians, with the lion\u2019s share of the ire reserved for the ECB\u2019s negative interest rate policy.<\/p>\n<p>\u201cMario Draghi\u2019s policies have led to a massive loss of credibility of the ECB,\u201d\u00a0<a href=\"http:\/\/www.spiegel.de\/politik\/ausland\/ezb-praesident-draghi-csu-politiker-fuer-deutschen-nachfolger-a-1087696.html\">said<\/a>\u00a0the deputy head of the CDU parliamentary group, Hans-Peter Friedrich, who also called for Draghi to be replaced by a German when the Italian completes his term, in 2019. \u201cThe next ECB Chief must be a German, who feels bound to the German Bundesbank\u2019s tradition of monetary stability.\u201d<\/p>\n<p>Friedrich\u2019s sentiments were echoed by the CSU foreign policy expert and member of the Bundestag Hans-Peter Uhl. \u201cWe cannot afford another Draghi,\u201d he said. \u201cWe need to place a key German financial specialist at the head of the ECB.\u201d<\/p>\n<p>As the German daily Handelsblatt notes, the latest exchange marks a new low for Germany\u2019s policymakers in their relations with the Frankfurt-based ECB. The main trigger for the latest storm of protest was Draghi\u2019s praise last month for the idea of \u201chelicopter money\u201d \u2013 showering citizens with newly created money.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cWe Cannot Afford another Draghi\u201d: Germany Attacks ECB Negative interest rates, helicopter money trigger Clash of Titans. Relations between the government of Europe\u2019s biggest economy, Germany, and Europe\u2019s most powerful financial institution, the European Central Bank, have soured to the point of curdling. The latest volley of barbed remarks came from Germany\u2019s dour Finance Minister [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[6119,5660,233,281,282,359,1044,558,1389,4255],"class_list":["post-20035","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bundesbank","tag-don-quijones","tag-ecb","tag-europe","tag-european-central-bank","tag-germany","tag-mario-draghi","tag-negative-interest-rates","tag-nirp","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20035"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20035\/revisions"}],"predecessor-version":[{"id":20036,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20035\/revisions\/20036"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}