Schauble-Draghi clash more about politics than monetary policy

German Finance Minister Wolfgang Schauble disapproves of Mario Draghi’s performance as ECB president
German Finance Minister Wolfgang Schauble’s criticism of ECB President Mario Draghi may have been part of a wider political strategy by the German government (source: dpa)
  • The German government’s criticism of the ECB is likely an attempt to improve its image with domestic voters
  • It may also be a signal to the European political elite that it prefers greater integration over technocratic solutions
  • The only alternative to Mario Draghi’s policies is an “ever closer” European Union

In April, German Finance Minister Wolfgang Schauble was particularly vocal in his criticism of European Central Bank President Mario Draghi’s performance. The confrontation between these two European financial heavyweights is significant, because it can shed light on what the future holds for the European Union and the euro.

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