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ECB battens down the hatches
Amid the narrowest of victories for Greece’s New Democracy party and ahead of much financial market nail-biting, the European Central Bank is battening down the hatches. All this is taking place as the ECB under new president Mario Draghi, firmly but discreetly, is redrawing its contours of operation to adapt to a new, unforgiving future. What’s more, an uncompromising alliance is shaping up between the ECB and the German Bundesbank on a new cold-headed approach to European central banking. The curtain has come down on the doctrines espoused by Draghi’s highly political predecessor Jean-Claude Trichet — and a ... (full story)