Report from the front line

Chancellor Angela Merkel said on Saturday that the European Central Bank has just one mission — to ensure monetary stability.

Merkel said in a speech to her Christian Democrats in Braunschweig on Saturday that treaties prevent the ECB from taking on any other tasks, such as those such as the U.S. Federal Reserve have.

That could be a clever Straussian feint and bluff, but with what probability?  I don’t think so, I think it is for real.