Europe Regurgitates Its Schrodinger Monetary Bazooka Policy

Tyler Durden's picture

It seems the 'we -really-want-it-but please-don't-blame-us-when-it-all-goes-pear-shaped' meme continues in Europe as ECB's Asmussen adds his own peculiar mix of talking out of both sides of his mouth, (via Bloomberg):

  • *ASMUSSEN SAYS DOUBTS ABOUT EURO'S SURVIVAL UNACCEPTABLE FOR ECB
  • *ASMUSSEN SAYS ECB STAFF STILL WORKING ON DETAILS OF BOND PLAN, WILL ADDRESS SENIORITY CONCERNS
  • *ASMUSSEN: ECB WILL STRICTLY SEPARATE MON. POL., SUPERVISION ROLES
  • *ASMUSSEN SAYS GREECE NEEDS TO MAKE FURTHER REFORM EFFORTS

but

  • *ASMUSSEN SAYS ECB CAN'T PAY FOR FISCAL POLICY MISTAKES
  • *ASMUSSEN: WE WON'T TAKE SUPERVISOR RESPONSIBILITY WITHOUT TOOLS
  • *ASMUSSEN SAYS HE PREFERS BAILOUT FUND TO BUY BONDS BEFORE ECB

Clearly there is still ongoing uncertainty and confrontation within the governing council - and it is obviously not just Weidmann.

Market response - not a blip in ES or EURUSD!