“ECB president Draghi repeated he’s ready to expand the ECB’s balance sheet by as much as €1 trillion to beat back the threat of deflation. Bundesbank head Weidmann responded by saying that a target value isn’t set in stone. History suggests Draghi will ultimately prevail over his German colleague. The Bundesbank head is concerned that a balance-sheet target may lead to the ECB paying too much for assets under its programs to purchase asset-backed securities and covered bonds, he said on Oct. 9. Germany’s Focus magazine reported that Draghi finds cooperating with Weidmann has become ‘almost impossible’ and that he no longer divulges his plans to him beforehand.”
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