It's political, It's Personal

Mario Draghi of the ECB is the subject. What once seemed like a very close relationship (almost as one) between the European Central Bank and Germany, now seems to have soured quickly after Draghi's statements last week while Germany's Merkel was away on vacation.


Earlier today a German party leader said Germany should take legal action against the ECB, their Finance Minister and Central Bank have made their displeasure well known too. 


Now, the EU's Ombudsman suggests that Draghi may have 'Conflicts of Interest" due to his previous jobs, you can guess which one? The same one that employed Italy's current PM, Greece's former PM, a bunch of Troika members and the ECB president himself, none other than Goldman Sachs.


From Germany's Spiegel:


 "As soon as you took office, there were discussions about his past in the U.S. investment bank Goldman Sachs - now has Mario Draghi, head of the European Central Bank, and problems with the EU ombudsman. It's about the membership of an influential banking lobby organization;  one is Draghi's presence in the Group of 30 which  is the real behind the scenes central planning group which decides the fate and future of the world.  The other factor? Mario's son Giacomo, who just happens to work as an interest rate trader at Morgan Stanley London.