With Spanish banking volatility reaching an all time high the President of the ECB, Mario Draghi, came out yesterday with assurances that while sentiment across the continent is low and liquidity tight, euro zone indicators and soft data has provided no reason for immediate action. As such, LTRO 3 is yet to make an appearance; however he did make it clear that the central bank stands ready to act.
Perhaps this cartoon is jumping the gun a little, or maybe it’s a glimpse into the future; but in any case here’s my cartoon showing Super Mario Draghi taking some drastic long term refinancing action!
Brian is a writer, artist, political cartoonist and legal blogger.
Actively tweeting from @brianjohnspencr. More information here: http://www.brianjohnspencer.com/