Days before the decision, former chief economist of the Bank for International Settlements William White warned to The Telegraph, the mass embrace of QE by the banks is "fashionable nonsense" and that the argument that the US and Britain are growing faster, because they have taken earlier , confusion, seeing nonexistent causality. "Accumulate serious side effects and do not know what will happen when you try to turn what was done," he warned, his voice of those who listen to one of the predicted quite accurately the crisis in the years before the bankruptcy of Lehman Brothers.
So Germany somewhat achieved its objectives to prevent dilution of risk across the EU, but the danger is to dissolve even more the gap between North and South. And at the same time and on the home front it does not look like a victory, and there are many critical voices that opens the bottle without knowing exactly what spirit will come out of it. And they might have reason.
Markets, of course, are happy to bathe a while in a shower of cheap liquidity. Economic analysts can begin to put bets on whether the travel Draghi will give the desired results. One thing is certain - the ECB has played one of their last trump strong. Compared to two years earlier when the collapse of the eurozone sounded like a realistic scenario has not changed much. Just smooth and Thursday and fully ECB joined other central banks, which literally travel in time, the actions of buying future growth. All refuse to look at the problem in the eye and to write off bad debts now. Instead, they are repackaged in new form of balance sheets go to governments, and hence elsewhere. Less resembles that inflate a punctured balloon - not impossible, but it will ever need to take a breath.