German Bundesbank seems to plot kind of an indirect attack course on the ECB - by daring to openly name the many risks that so far get sweet-talked and glossed over by the majoirty of the Euro-drunken polticla establishment.
https://www.bloomberg.com/news/artic...ntional-policy
The caluclation is not new. That they want to publicly announce it and call the mess by its name, no longer hiding it under the table - that is what is new.
German politicians need to weigh the wish of fooling the public about the Euro against the need to counter "populists" gaining more votes. In 6 or 7 months there are national elections , and some elections in the federal states come even before that.
AfD seems to have lost sympathies, however, due to endless self-cannibalising.
---
Additional to what the article mentions, the worries of the Bundesbank also manifestate in the now almost 800 billion in TARGET-2 saldi the Germans hold against the ECB and that the Germans were stupid enough to accept. In simple words, this is money the ECB owes Germany for trasnactions the Bundesbank did for oher central banks, but with the Bundesbank's own money, while handing the traded goods - investment paper slike bongs - over to that other central bank that owes the Bundesbank nothing: the ECB owes Germany that money.
For comparison: the last gross domestic product GDP of Germany was nominally around 3.5 trillion, and the last total government budget marked at 307 billion. The Target2 saldi of Germany - money that it will never get from anyone, not states, notthe ECB! - rate at
-roughly one quarter of the German GDP,
- and almost three times the government budget !
And that is just Target2.