Really enjoyed this. The most interesting part for me is the way you shift the focus toward the question of who actually absorbs sovereign debt now that the ECB is stepping back.
I also liked the ending point. Just because recent episodes resolved without intervention does not necessarily prove resilience, as it might simply mean the system has not been tested under worse conditions yet. Very nice article.
Really enjoyed this. The most interesting part for me is the way you shift the focus toward the question of who actually absorbs sovereign debt now that the ECB is stepping back.
I also liked the ending point. Just because recent episodes resolved without intervention does not necessarily prove resilience, as it might simply mean the system has not been tested under worse conditions yet. Very nice article.
Thank you, Luigi, appreciate the kind words!