• But we try to ensure proper transmission
• The increase in spreads has been very fast
• Fundamentals are unlikely to have changed that fast

Sure, sure. But that’s not what Visco said last week here. In any case, they continue to talk up the „fundamentals“ but again how can you really talk about that without addressing the fact that there are risks related to fragmentation and markets are well within their means to look to price that in. *cries in Italian debt*

This article was written by Justin Low at www.forexlive.com.