In the speech of Mario Draghi there is a subtle, but terrible message.
Since 1951, the year where the first embryo of the European Union, every political/economical decision was a sequence of small steps towards an European Integration.
The fact that QE will be principally enacted by the National Central Bank it is actually the first step in reverting the trend.
As the debt is national, each country will have to deal with it and could cut (or be cut) ties with the European Union much more easily.
Germany showed that, when pressed, “Because the needs of the one… outweigh the needs of the many” (Star Trek quote, Search of Spock).
Due to political factors, this trend will be hard to reverse.
Please note – this is not a market forecast (equity markets probably will be very happy as in the US). It is a political forecast.
investorpolitico 