Fallen Angels And Draghi’s Steinhoff Demons

It is not unusual that losses may be happening. All other central banks that ran similar programmes — do we know whether they had losses? No, because they are not disclosing the issuers, the holdings… We are much, much more transparent. We have a risk framework which has served very very well since beginning of the existence of the ECB, and if we need to draw lessons, we will certainly draw lessons. That's what Mario Draghi said on Thursday when defending the ECB amid questions about whether