“Draghi exceeds expectations and shows that he fully understands the European economic difficulties with an important maneuver in terms of numbers and forces deployed”. With these words Claudia Segre, general secretary of Assiom Forex, commented on the operation of quantitative easing announced today by Mario Draghi, President of the European Central Bank.
“The focus on inflation and pro-rata purchases with reference to the weight of the countries in the ECB's capital for 60 billion euros per month until September 2016 – he added – fully meet the budget objectives and exceed market expectations. The Ltro pricing adjustments and the inclusion of Corporates as well as Govies with a shared risk system on 20% of purchases please the market”.
Finally, concluded Segre, "the mini-clause on countries supported by the IMF opens up to Greece, if it does not come out, and in the meantime the spread is approaching 100 bp as expected, driven by Draghi's big bazooka".
