Statements Mario Draghi and his closest associates show that the head of the ECB sets the stage for a possible launch of a full-fledged "quantitative easing" in the euro zone, that is the beginning of purchases of government bonds in the E-18.
In his public speeches Draghi continues to stress that it is ready to expand incentives for overcoming low inflation in the euro area. He echoed and leaders representing a part of the Governing Council of the ECB "central office" of the central bank. Thus, the ECB's chief economist Peter Pret during his speech in London on November 17 repeated the thesis of the "unanimous" management's willingness, if necessary, use the "additional unconventional instruments" to accelerate the growth of prices. Pret and confirmed the intention of the central bank to expand its balance sheet to one trillion euros through the purchase of assets.
Went further ECB Vice President Vitor Constancio, who on November 26 issued a denial of objections to the redemption of government bonds on the balance sheet of the ECB and even indirectly pointed to a possible start time of the program, saying that in the first quarter of next year will be clear enough already taken measures to achieve the objectives of the regulator.
All these statements are, of course, does not mean that the launch of QE in the euro zone - it is already making. The necessity of this step will be evaluated on the basis of the results of previous steps. However, most likely, no purchases of government debt the ECB will not be able to do. And because Draghi advance launched an attack on the positions of their opponents, led by the head of the Bundesbank, Weidmann.
In this respect, the thesis of the "unanimity" of the ECB leadership is very important. I already said that, judging by appearances Weidmann, actually no unanimity not. But insistently repeating the slogan of complete agreement within the Governing Council, Draghi sends a certain signal opposition: even if you vote against QE, I already have enough votes to carry out this decision. But in this case you will find yourself in the role of "dissenters" destroy the harmony and agreement within the ECB ...To the author Sergey Glushkov
