You’ve got to hand it to Mario Draghi. Never in the history of central banking has one man accomplished so much with so few words and even less action.
Since having announced the creation of the Outright Monetary Transaction (OMT) program in August 2012, Draghi has had the pleasure of sitting back and watching yield spreads between Spanish and German government bonds fall relentlessly without having to buy a single bond. Italian spreads have done the same. Read more »