Economics
Draghi’s QE Triumph Hinged on ECB Colleagues From Tiny Economies
- Governors from countries with 2% of euro population aided push
- Central bankers from France and Germany opposed QE restart
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Mario Draghi’s controversial push to restart bond purchases counted on the support of European Central Bank policy makers who might never have expected to be so influential.
The president cited the backing of a “significant majority” and “very broad consensus” for the decision on Thursday. But around eight of the 25-member Governing Council opposed quantitative easing, including the Dutch, French and German central bank chiefs, meaning the addition of just a handful of others could have thwarted his plans.