from Zero Hedge
In a historic first, earlier today ECB vice president Vitor Constancio (the same one who in October 2014 explained that the European stress tests refuse to consider a scenario with deflation “because indeed we don’t consider that deflation is going to happen” just a few months before Europe got its first deflationary print since the crisis) penned an official ECB opinion piece, some might call it a blog post, titled “In Defense of Monetary Policy” just hours after the ECB’s historic “all in” gamble which included the first ever monetization of corporate bonds.
In it he tried to do two things: