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European Central Bank Makes Major Announcement: Here’s What You Need to Know

Sep. 6, 2012 2:22pm Becket Adams

European Central Bank chief Mario Draghi (AP)

FRANKFURT, Germany (TheBlaze/AP) — The European Central Bank (ECB) unveiled its most ambitious plan yet to halt Europe’s financial crisis on Thursday with a pledge to buy unlimited amounts of the government bonds of countries struggling to manage their debts.

Translation: The ECB may be getting into the business of funding state budgets. You know who has the most to lose from this, right? The eurozone’s most prosperous and well-0ff country: Germany.

And this isn’t just speculation. The German press is furious with the ECB’s announcement.

“ECB President Draghi breaks with brazen principles of German monetary policy. The central bank is pumping unlimited money in the bond markets. Stock markets cheer — for Germany, the nightmare begins,” read German newspaper Die Welt.

Die Welt front page (courtesy Business Insider)

If any of the ECB’s new plan sounds familiar to you, it should: It’s similar to action taken by the U.S. Federal reserve.

“In the U.S., the Federal Reserve did something similar through Operation Twist,” Chris Nichols writes for The Exchange.

“That intervention in the American bond market, involving the selling of short-term debt and the buying of the same amount of long-term debt, got underway last year and was extended only recently,” he adds.

So what’s the thinking behind the ECB’s plan?

Large-scale purchases of short-term government bonds would drive up their price and push down their interest rate, or yield, making it less expensive for countries to borrow money. The new plan goes well beyond the ECB’s earlier, limited bond-purchase program, which was not big enough to decisively lower borrowing costs.

After the ECB plan — dubbed Outright Monetary Transactions (OMT) — was announced, the yields on government bonds across Europe fell and stock markets rallied.

“The ECB did almost exactly what was expected, and in this case that’s a positive. Today’s announcement should help contain the crisis, but the weak economic outlook looms, and the ECB will need to ease policy further in the months ahead,” said Benjamin Reitzes, senior economist at BMO Capital Markets.

But the ECB’s pledge of support came with a caveat: countries that want the central bank to help with their debts must first seek emergency aid from the bailout funds managed by the 17 countries that use the euro and submit their economic policies to the scrutiny of the International Monetary Fund.

That puts enormous pressure on heavily indebted countries such as Spain and Italy, which have been reluctant to seek help from their euro partners.

The ECB also agreed to ward off any increase in the supply of money in the economy, a side effect of making purchases with newly created money. The bank said it would withdraw an equivalent amount from the financial system, which it can do by taking deposits or selling notes.

This supposedly deflects the aforementioned criticism that the ECB is using its monetary powers to finance governments, which it is forbidden to do by the European Union treaty that created the euro.

Christine Lagarde, Managing Director of the IMF, welcomed the ECB plan Thursday and said the organization stood “ready to cooperate.”

IMF chief Christine Lagarde (AP)

Analysts warned that while the ECB plan would provide short-term relief to European countries and financial markets, it doesn’t address underlying economic weakness across the region, which could persist for years.

“Without trying to be a ‘party pooper,’ suppressed borrowing costs certainly provide relief in the short term but do not resolve problems of solvency and debt unsustainability,” said Neil MacKinnon, global macro strategist at VTB Capital.

The head of Germany’s Bundesbank national central bank, Jens Weidmann, has flatly opposed the bond purchases. He says they are too close to outright financing of governments. The treaty bars the ECB from loaning directly to governments.

Nevertheless, and despite what seems like a limited amount of naysaying, investors cheered the move.

The Standard & Poor’s 500 index jumped to its highest level since January 2008, just one month into the Great Recession. European markets also surged. Treasury bond prices and the dollar dropped as traders sold low-risk investments.

The gains were extraordinarily broad; 98 percent of the stocks in the S&P 500 index rose.

The S&P 500 index jumped 26 points to 1,429 shortly after noon. The Dow Jones industrial average surged 233 points to 13,281. The Nasdaq composite index jumped 62 points to 3,131.

The Dow, S&P, & Nasdaq

European stock markets also jumped in response to Draghi’s announcement. Germany’s DAX and France’s CAC-40 each soared 3 percent.

The gains were even bigger in Spain and Italy, the two largest countries to become caught up in the region’s long-running government debt crisis. Spain’s benchmark index soared 5 percent, Italy’s 4 percent.

France's CAC & Germany's DAX

Still, it should be noted that despite the markets’ euphoria, the ECB’s “rescue” plan will only buy the eurozone time to fix its underlying problems. The purchases do not solve the chronic imbalances that plague the currency union, with some countries able to export and grow while others remain uncompetitive.

Follow Becket Adams (@BecketAdams) on Twitter

This story has been updated. All photos courtesy the AP.

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Comments (71)

lel2007
Posted on September 6, 2012 at 3:38pm
Does the stock market go up because stocks are worth more than devalued euros ?

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- watersRpeople
  Posted on September 6, 2012 at 3:47pm
  No it just goes up from the commotion of moving things around, but it has no more value stuck in fund A. then it does stuck in fund B. Their like dogs motivated by the movement.
  
  Report this comment
- brother_ed
  Posted on September 6, 2012 at 3:51pm
  Does anyone else notice the timing of the release of this statement coincides with some positive economic news here at home.
  
  This article claims the ECB announcement is what is driving up stocks; the Liberals are claiming it is the positive domestic numbers…
  
  My bet is the more dominant effect comes from the ECB announcement, and Obama timed the release to make it appear as if it is his doing.
  
  Just a theory.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:56pm
  Primarily, it goes up because when the ECB buys (much like when the Fed buys on QE) they are putting cash on balance sheets where dead capital once was. Given mark to market accounting the bonds were valued on balance sheets at cents to the dollar and are being bought at par by the ECB/Fed. This now makes trading desks flush with new cash. That cash has to go somewhere. Guess where? Here in the USA, now that the SEC took the naked shorts out of the market the algorithms are free to buy without the unmodeled shark taking a bite out of them. Government fixed the game to allow the computers on the trading desks to buy without risk on printed money that is essentially taken out of the value of your purchasing power. Isn’t that awesome? Weeeee….let’s ride it up higher!!!! (sarcasm)
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:57pm
  @Brother Ed,
  
  The story is never in the print…it’s always in the revision.
  
  “The lie can be maintained only for such time as the state can shield the people from the political, economic and military consequences of the lie. It thus becomes vitally important for the state to use all of it’s powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth becomes the greatest enemy of the state.” – Joseph Goebbles – Nazi Minister of Propoganda
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 4:25pm
  brother_ed,
  You don’t really understand that National Debt is quite similar to household debt do you? 16T plus and counting – and that’s putting it marginally. So there really isn’t any good news. The next decade of obligations is roughly 50 to 200 trillion, and the U.S current total worth is roughly 150 trillion and going down even more so with a decaying peoples, and people moving out. In essence in a few short years it will be like owning debt on a 100,000 dollar house, but owning so little your net worth is -25,000, and your work ethic and morals are fading finding it harder and harder to find work. It leads to foreclosure. Add to your household problems – your kids are fat lazy slobs who keep getting diseases, and you keep throwing your furniture and food in the fireplace to heat your house.
  
  Report this comment
- GrumpyCat
  Posted on September 6, 2012 at 4:42pm
  I think so. When a company produces something useful that something is always valuable as something useful no matter the value of the currency. When foolish acts such as this dilutes the value of the currency it doesn’t affect the worth of useful products, only their price expressed in the local currency.
  
  Its the same argument the gold guys use but the difference is you can’t eat gold. Gold goes up when the currency is worth less because an ounce of gold is an ounce of gold, always, until someone can transmute lead into gold.
  
  Stock markets are up in no small part to our currency being worth less. For the most part the companies are worth the same as they were but it takes more dollars to get a piece.
  
  Report this comment
CWPrequired
Posted on September 6, 2012 at 3:30pm
Does this sound like the housing bubble to anyone else? Banks making loans to people that can’t pay them back.

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The_Almighty_Creestof
Posted on September 6, 2012 at 3:24pm
Reminds me of the gangsters who use one of their thugs to scare a businessman into asking the thug’s boss to take a piece of the business in hopes of getting protection…then the boss destroys the business’s credit, steals everything including the kitchen sink before it goes bankrupt and gets burned to the ground for the insurance money…which the thugs steal as well.

ECB is simply going for a “piece of the action.”

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Ghandi was a Republican
Posted on September 6, 2012 at 3:23pm
These leftist ogres are desperate to collapse the World economy before they are downsized out of their jobs.

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Detroit paperboy
Posted on September 6, 2012 at 3:12pm
I have an idea,,,,,quit spending more than you have coming in,,,,,m,m,m,h,h,h,h,……….novel solution .

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SilentReader
Posted on September 6, 2012 at 3:07pm
Nothing would make me happier than seeing the EU-UN fascists go down. 28 countries in the EU have no elected governments and no Constitutions. They have unelected EU bureaucrats running them. Their absolute tyranny and nation seizing is the problem.

This will just be another way to delay the inevitable collapse that’s on the horizon. A short-term answer to Obama’s begging them to just hold off until after his election!

They all should be behind bars.

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watersRpeople
Posted on September 6, 2012 at 3:03pm
Bible Prophecy is just as true as the sun shines; just as true as the trees outside your house. Today I sold most of my precious metals, because when it gets bad enough that I have to exchange it what I get in return won’t last very long anyways, and what I get in exchange is more valuable right now. Furthermore when taking into consideration the total world debt, and coming food shortages – precious metals won’t exchange for much. Additionally when things get that bad that I have to fall back on silver – the only thing I will get for silver is more silver. Gold for gold, and silver for silver – that’s why Prophecy says people will throw it in the streets. But hey all you gold digging hoarders will have piles and piles of shiny stuff.

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- MODEL82A1
  Posted on September 6, 2012 at 3:11pm
  Man, Nutjobs come in all colors and sizes!
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:15pm
  LOL. That is great.
  
  So the US and the EU are getting ready to print without limit. Inflation is already rising and will get massively worse as history has shown. You took the one thing that actually appreciates in value in this scenario and exchanged it for paper that is simply debt that is being printed by the truckload.
  
  Pure genius.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:16pm
  Many of you will put too much stock in silver and gold thinking “I’ll be good, because I was smart enough to invest in gold”, but you’ll forget the line by lines not putting much sacrifice on the alter, looking past honing your skills at building, fishing, and seeking the truly valuable. Therefore someone will say unto you – I don’t know you, and there isn’t enough silver in your safe for me to give you even half of the fish I caught.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:18pm
  Furthermore many people will connect the dots from all the coming trouble connecting them to the love of silver and gold, and money.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:21pm
  Rothbardian_in_the_Cleve,
  Sure. When multitudes of people are going hungry they won’t want your gold – they’ll want food.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:23pm
  When you show them gold, they will look past your shoulder at your storehouse of food. The food will shine a lot lot more.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:26pm
  As a matter of a proven part of history thousands and thousands of years ago. You’ll ask me to teach to you my perception, skills, for all the piles of gold, land, cars, and anything else you view as being once valuable.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:30pm
  @Water,
  
  The upheaval won’t last forever. If you are saying that for you there is a choice between gold or provisions then by all means get the provisions. However, if you are prepared there is no reason not to secure your wealth in some gold. When society gets its act together and sets out to start again greenback won’t be worth squat. In fact, history shows there will be some new currency and you will get hosed on the exchange.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:42pm
  Rothbardian_in_the_Cleve,
  Sure. Once the upheaval ends who do you think will be around? The oil that floats, and they will stick a cork in the genie bottle so you locusts never walk the earth again.
  
  Report this comment
- martyinhagerstown
  Posted on September 6, 2012 at 3:51pm
  gold being worthless in the bible relates to not being able to buy or sell without the mark.
  
  Just remember that no matter how close we are to rapture and tribulation we could be off by 100 years so you better plan now for surviving and having a little net worth to carry into the next economy.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:52pm
  @water,
  
  If it gets to that point dude, then I’m not sure I want to walk the earth anyway.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:55pm
  The human race doesn’t need locusts walking around conjuring-up illusions of value.
  
  Report this comment
- watersRpeople
  Posted on September 6, 2012 at 3:58pm
  martyinhagerstown,
  There isn’t going to be a next economy like you think there is. There will be two men in the field, and one will be taken, and two women at the mill, and one will be taken.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 4:01pm
  @Water,
  
  Dude, you’re just plain creepy. I’m sure there will be a job for you in the Oven Room at some concentration camp. No worries.
  
  Report this comment
- RWCT
  Posted on September 6, 2012 at 4:31pm
  REALLY?? REALLY? My grandparents were German. THEY told of the Weimar days pre collapse, and during collapse. The ONLY real money accepted, was Gold/Silver/Jewels, or bartering for goods and services with them or, with KIND. THEY survived! Many neighbors with Marks, did not. History is about to repeat. Gold/Silver have ALWAYS been TRUE money, with no counter party risk. Learn from history, or perish! SAD! VERY SAD!
  
  Report this comment
- taxpro4u03
  Posted on September 6, 2012 at 4:33pm
  Back in the day — commodities such as SUGAR COFFEE WHEAT CORN and — ‘tea’ — were…. ‘money.’ can’t EAT gold…. ;-)
  
  Report this comment
Sandy
Posted on September 6, 2012 at 3:01pm
This hyperinflation is intentional so that the Gubment can get their taxes on food, necessities and gas. If it wasn’t for the inflated taxes they get, they would really be hurting for money. They simply do not care how Americans suffer while they rake in the tax dollars. The Bernack is a criminal just like Obummer and any other President that allowed money printing…….oh, Carter!!

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Maxim Crux
Posted on September 6, 2012 at 2:49pm
When it is all said and done, the country with the largest standing army and the largest military export and probably the most well organized industrial organization will elect a savior to make all their pain that the evil banker Jews and evil communist have brought upon them. What it happen as the Neo Nazi gain a seat in parliament just like the nazi did in 1928.

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Mr.Fitnah
Posted on September 6, 2012 at 2:48pm
Spend for tomorrow we may die!

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Rothbardian_in_the_Cleve
Posted on September 6, 2012 at 2:46pm
Why don’t they just raise the debt ceiling and do QE infinity? We tried it here and it worked. /sarc

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- progressiveslayer
  Posted on September 6, 2012 at 2:57pm
  I think our funny money that Ben keeps producing out of thin air will have more value in our fireplaces,and sooner rather than later.
  
  Report this comment
RoAdFiXeR
Posted on September 6, 2012 at 2:43pm
I sure hope this mess never blows up…if and when it does you can kiss the pursuit of happiness and prosperity good bye for a hell of a long time….

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- progressiveslayer
  Posted on September 6, 2012 at 3:07pm
  I feel the same way but really there’s no way out,a global depression is imminent.When we became a debtor nation is when the clock started ticking,too much debt,it’s as simple as that.
  
  Report this comment
Rothbardian_in_the_Cleve
Posted on September 6, 2012 at 2:40pm
This will NEVER happen. The devil is in the details. The conditions are prohibitive. For example, the Netherlands and Austria have already made it clear that they are done. They will not allow any more of their wealth to be given to the PIIGS. So the ECB is making promises that must be supported by the political resolve of the EU. Clearly two countries are out and it looks as though Germany will be soon. But even on the outside chance that the EU is drug kicking and screaming to the printing press by the ECB how effective will those efforts be? The last time the ECB bought on the short end of the curve it drove yields much higher on PIIGS paper. Furthermore, it simply pushes the risk into the subsequent rollover. As this short debt matures they will have to refinance at some point in the near future at higher rates due the pressure in the yield curve. There is no fix here…simply a delay.

I have to think that we are single digits in terms of the number of years until economic implosion.

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- KeithOlberdink
  Posted on September 6, 2012 at 2:56pm
  This is insanity, pure insanity! I have 2 years worth of food storage and an arsenal to protect my loved ones. I suggest that all my good friends on the Blaze do the same. Good read, you hit the nail on the head.
  
  Report this comment
- MODEL82A1
  Posted on September 6, 2012 at 2:58pm
  If only we were all Anarchistic Capitalists, all would be well.
  P.S. You let us know when Austria and the Netherlands (AND Germany Lol!) leave the EU. Here, I’ll even hold my breath……..
  
  Report this comment
- MODEL82A1
  Posted on September 6, 2012 at 3:06pm
  KEITH, so, what happens after you successfully fend of hoards of marauders with your “arsenal” for two years and your food stash is gone? What then?
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:27pm
  @82,
  
  I didn’t say they’d leave the EU. You did.
  
  I said they are “out”. That is that their vote would be against the Eurobond as prescribed by the ECB. Per the treaty of Nice, the ECB is prohibited from issuing such eurobonds that are uncollateralized and funded through sovereign monetary expansion. Even the LTRO can only buttress banks and does not buy sovereigns outright. The only work around for the ECB to conduct such operations (ie QE) is through the unanimity voting provision of the EU. Regarding that vote, Austria would be a no as would the Netherlands. Germany may also be a no but it may not even matter if the German high court forbids participation in such an agreement.
  
  Any more witty retorts? I’m sure you’ll not let this brain humping stop you from dropping your next bumper sticker gem.
  
  Report this comment
- KeithOlberdink
  Posted on September 6, 2012 at 3:30pm
  A community of like minded “Blazers” will be set up based on Christian, conservative, God minded principals. Next question?
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 3:50pm
  Oh and PS its minarchist…not anarchist. Both are different than the socialist, crony-capitalist, corporatist views of yours. Minarchism believes that the state is necessary and just. Anarchists do not. Ironically Rothbard was of anarchist persuasion economically. I obviously part company with him on said topic despite the inspirational work he did on praxeology. Similarly, Friedman (and von mises) were minarchists. I share Freidman’s views on minarchism despite my parting ways with him on monetary theory and fiat currency.
  
  It is fascinating how much there is out there to learn when you aren’t constrained by a cromagnon, knuckle-dragging, binary view of the world and other people.
  
  Report this comment
CatB
Posted on September 6, 2012 at 2:38pm
This is going to end bloody .. very bloody … PRAY people.

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floridareader
Posted on September 6, 2012 at 2:35pm
This is just and plain another bailout.
Germany is about to suffer a nervensuzammenbruch.

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neiman1
Posted on September 6, 2012 at 2:31pm
Buy Gold

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- booger71
  Posted on September 6, 2012 at 2:53pm
  Buy raw land, guns , and lots of ammo
  
  Report this comment
IMCHRISTIAN
Posted on September 6, 2012 at 2:30pm
Germany, we are with you as we are fighting against bad progessives programs to keep our own USA with freedom and justice for all.

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- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 2:42pm
  Don’t shed a tear for Germany. They PUSHED for this monstrosity. They reap what they sow.
  
  Report this comment
- GhostOfJefferson
  Posted on September 6, 2012 at 3:48pm
  Yep, Deutschland has long been in the business of advocating for a “united Europe”, even before the War, and now, they got what they wished for. Welcome to the Furher’s dream, Deutschland.
  
  Report this comment
RJJinGadsden
Posted on September 6, 2012 at 2:30pm
So, they found a way to make the Euro crash even faster.
WHISTLEBLOWER, give it a rest. We saw it earlier. You are starting to become as annoying as ITS_JUST_TIM/WATERSPEOPLE.

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Snowleopard {gallery of cat folks}
Posted on September 6, 2012 at 2:30pm
Why will people not see where this is going?

Once the collapse of the EU, one country or several at a time it will begin a chain reaction that will cause its downfall near instantly; any country under such pressure as Germany is, will be tempted to close its border and retain its relative prosperity for its own people first…

Recall that many from Spain are fleeing already to UK for jobs and to stay there, further straining the economic resources of that nation; what will the rest of europe do when borders close?

War is the almost inevitable outcome of the matter – one nations govt demanding the others help it out; and when refused, resort to force of arms to quell the unrest and discontent among their own people.

Consider it well people before you think this is madness and can never happen. Look to the economic causes of the Falkland War in miniature; and learn the lesson well.

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- Rothbardian_in_the_Cleve
  Posted on September 6, 2012 at 2:44pm
  Remember when Germany was forced to live under the Treaty of Versailles? They had to pay constant and endless reparations from the first war and their production capacity was taken over by the French? How did they react to that?
  
  Report this comment
- KeithOlberdink
  Posted on September 6, 2012 at 2:58pm
  Snow, you made a comment the other day on another board. I gave you a one up, I forget now what you said, but it was good. Unless someone else has your nic, it was your name :)
  
  Report this comment
- Snowleopard {gallery of cat folks}
  Posted on September 6, 2012 at 3:19pm
  @Keith – No its me; just look for my avatar. I have no end of fun at times with the progressive trolls.
  
  @Rothbardin: Exactly, there is a book called “Weihmar Republic and the Vatican” that tells more of the inside Germany times, based on hard copies of Vatican archives; its worth reading and adding to ones collection.
  
  Report this comment
FEMALL
Posted on September 6, 2012 at 2:29pm
Just like Italianois and Califorgreece.

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ltdan
Posted on September 6, 2012 at 2:29pm
It’s all fixed again! It’s ground hog day or a scam.

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bhelmet
Posted on September 6, 2012 at 2:29pm
Be happy, be proud. Your recovery has moved further away and the depth of the valley has deepened. I say the US should do the same – OOPS – we already are. Cannot wait to see their “solution” when the time comes.

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kaydeebeau
Posted on September 6, 2012 at 2:29pm
Enron accounting…smoke & mirrors

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progressiveslayer
Posted on September 6, 2012 at 2:28pm
The dying gasps of the Eurozone,it was a bad idea to begin with and now the end is near.Soros will make a ton of money when the Euro collapses.

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Whistleblower
Posted on September 6, 2012 at 2:27pm
Former Rezko partner says he gave Tony $400K for Obama

http://illinoispaytoplay.com/2012/02/27/former-rezko-partner-says-he-gave-tony-400k-for-obama/

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- Whistleblower
  Posted on September 6, 2012 at 2:49pm
  Is President Barack Obama being blackmailed ?
  
  http://illinoispaytoplay.com/2012/09/01/is-president-barack-obama-being-blackmailed/
  
  Report this comment

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