What has the ECB accomplished? Well, a picture is worth more…
Must see charts below via TF MArket Advisors.
However many summits later and after so many efforts to erect “firewalls” and reduce contagion risk, here is what a steady diet of Merkozy financial planning has done.
Special thanks to Vitaly Fiks for this. Our ability to use graphics is limited, but I think this gets the idea across. So much of what the EU has done over the past 2 years has created contagion risk rather than removed it. Greece defaulting in 2010 was less systematically risky than it would be now.