``"Any discussion about euro bonds is pointless," [Merkel] said. So Germany won't allow the issuance of eurozone-wide sovereign instruments, whatever the "fiscal union" crowd claims. Such a development, says Merkel, would be "unthinkable". And when it comes to QE, the German Chancellor was similarly unequivocal. "The role of the ECB is different from that of the Fed in the US and the Bank of England," she insisted. The market rallied anyway. It was Friday, after all, and who wants to spend the weekend feeling gloomy? ''

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