A QE would be key for Germany, France and Italy to overcome their current stagnation

The only reason for such haste can only be the fear of European authorities of the devastating effects of an inflation rate anchored for months at 0.5%. European governments do not currently have any problem to finance themselves, but quantitative easing would have an immediate impact on the price rise, dispelling the specter of Japanization of the eurozone, and the depreciation of the euro.

Both factors are key for the core economies (Germany, France and Italy) to move out of their current stagnation.

If the direct purchase of sovereign bonds were implemented, it is important not to dismiss that the euro (which has depreciated by 5% in recent weeks and is exchanged to $ 1.32) would fall below $ 1.20 and Spain’s risk premium would fall below 100 basis points.

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