Italian spreads widening as I type this, the stop-gap measures propounded by the EU area are proving insufficient to a market innoculated against the cacophony of propaganda emitted from the ECB and official channels.
Put another way, the noise filter has been recalibrated, and a new standard of scrutiny and a more cynical view towards the EU's veracity is now THE theme going forward.
Thus, drastic measures such as QE and monetization follow. Recall these have vastly different effects where currency issuers are divorced from fiscal and taxation powers.
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