Spot When Central Planning Took Over

As car sales collapse once again in Europe (and Fiat at the top of the pile of dismal results), and the Italian Senate set to hold a no-confidence vote in the Deputy PM, we thought it an opportune moment to revisit the most ridiculous chart in the world. Presented for your eye-rubbing pleasure, Italy - market vs macro... Can you see when the central-planners 'promise' took over, and reality ended?

• *ITALY BANK BAD-LOAN RATIO ROSE TO 6.9% IN MAY VS 5.6% YR AGO

So it seems for now that a Draghi 'promise' is worth around 400bps of spread...

and the credit creation process has re-collapsed with new loans to the private sector falling at their fastest pace on record...

h/t Sean Corrigan of Diapason Commodities