EU country central banks might have to take responsibillty for QE

It looks like the only way that the ECB will be able to push QE through is to have each country take responsibility for their own debt.



(Reuters) - "The European Central Bank (ECB) should make sure any quantitative easing (QE) program it embarks on shares as much risk it can amongst its members, the head of the International Monetary Fund said on Monday.

Markets expect the ECB to announce on Thursday that it will start printing money to buy government bonds in euro zone countries to prevent deflation.

"The more efficient it is, the more mutualization there is the better," IMF managing director Christine Lagarde told a news conference when asked about the idea of individual central banks taking responsibility for losses on their bonds."


The EUR/USD 4hr is lifting a little as some start to expect Draghi to pull up short of making any commitment to full QE until it passes through the courts.