Tax receipts ease UK borrowing – FT
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August’s news lull has just been rudely broken by an extraordinary interview Axel Weber, Bundesbank president, gave to Bloomberg Television. In it, Mr Weber set out what he thought should happen in the next few months with the ECB’s liquidity operations – something that was only supposed to be discussed behind closed doors ahead of the ECB meeting on September 2. For good measure, Mr Weber dismissed the ECB’s controversial bond purchasing programme, which he opposed, as having had “a minor role only”.
I suspect all this will not go down well at all with other ECB governing council members. Hitherto, Jean-Claude Trichet, ECB president, has generally kept everyone in line, and announced the big decisions himself. If Mr Weber is allowed to speak out publicly, why not everyone else? The lack of verbal discipline is all the more telling as Mr Weber is a possible candidate to succeed Mr Trichet next year.
Will it help or hinder Mr Weber’s chances? Read more
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