2012-08-08 — telegraph.co.uk
The Bundesbank's Jens Weidmann is isolated. The Dutch and Finnish governors backed the Draghi plan. So did Germany's member on the ECB's executive board, Jörg Asmussen. The Kanzleramt has lost patience with the ideological preening of the Bundesbank.
Mr Draghi has secured a mandate for "unlimited open-market operations", a far cry from the half-hearted and self-defeating bond purchases of the last two years. The ECB at last has a licence to act with overwhelming force, like the US Federal Reserve.
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