This is embarrassing in the land of super-stimulus via the ECB’s negative-interest-rate policy and years of QE.
To diminish the dollar’s role as a global reserve currency, central banks would have to dump the dollar. So, let’s see.
Debt out the wazoo, but someone is still buying it.
But will the big banks play along?
China has a lot of balls in the air at the moment.
Cash is less of a threat to central bank policies when interest rates rise above zero.
US bank stock index down 17% from January. EU bank stocks crushed, crushed, crushed since Financial Crisis.
But outside Italy, credit markets are sanguine, and no one says, “whatever it takes.”
BlackRock is “a market power that no state can control anymore.”
“The ECB cannot and should not turn a blind eye to risks to financial stability.”