Tuesday, July 31, 2012

Does Geithner Believe Draghi?

US Treasury Secretary Geithner held separate meetings yesterday in Germany with  German Finance Minister Wolfgang Schaeuble and European Central Bank President Draghi. In a thigh slapper of a statement released after the meeting with Schaeuble, according to Bloomberg, Geithner and Schaeuble “took note” of comments made last week by European leaders to “take whatever steps are necessary to safeguard financial stability” in the 17-nation euro area.

"Took note"? What the hell does that mean?

The "European leaders" who made the comments was  apparently only the off the cuff statement by Draghi, which the market has taken as a solemn indication that Draghi is about to start the ECB printing presses.  I don't think Geithner believes it for a minute.

1 comment:

  1. In European business slang, "took note" means he grossly disagrees with the comment and feels it is regrettable, but out of politeness he doesn't put it that way.