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Increase in the penalty interest: Nearly a dozen ECB Council members refuses Draghi following

2019-09-13T06:43:35.597Z

Bond purchases and a higher penalty for banks: In his last meeting as ECB chief met Mario Draghi with his stimulus program according to SPIEGEL information on clear resistance.




In his most recent move to ease monetary policy, ECB President Mario Draghi met on Thursday the strongest opposition to his term.

According to SPIEGEL information, the majority in the Central Bank Council was as tight as ever before, even if Draghi then gave a different impression. According to insiders, a double-digit number of the 25-member panel argued against the measures proposed by Draghi. A formal vote did not take place.

French representatives among the naysayers

Among the naysayers were surprisingly the two French representatives, the board member Benoît Coeuré and the head of the Banque de France: François Villeroy de Galhau.

Bundesbank President Jens Weidmann and German Executive Board Member Sabine Lautenschläger also opposed the easing, as did the Dutch central bank chief Klaas Knot.

Among other things, the Governing Council of the ECB decided to raise bank deposit rates from 0.4 percent to 0.5 percent and to resume bond purchases of EUR 20 billion a month from 1 November. On this day, the new head of ECB Christine Lagarde will take up her duties.

Source: spiegel

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