[jason0597]

The ECB is not unbiased in the slightest, they always favour the northern states.

[JanSt]

QE is made for Southern Europe, the North has argued against it for years (especially Jens Weidmann). Draghi is Italian.

[chewz]

QE transfered money to Southern countries with a caveat to use them to pay bondholders - large banks of the North.

So in essence it was taking money from Northern taxpayers to give to Northern banks to save them from illiquidity.

People in the South and their country budgets haven't seen a cent of these money.

[JanSt]

That's not a correct description, but it's true in some way.

1) QE did not transfer money with any caveat to pay bondholders. QE is not like giving cash to a country. The ECB buys up bonds on the open market (thus mostly from banks, which supports your point).

2) The buying up of bonds drastically reduces interest rates, because artifical demand is created.

3) The South can now borrow money for pretty low interest rates on high debt-loads. Italy wouldn't be able to afford high interest rates very long.

4) Northern banks holding higher paying bonds in their portfolio profited because the high-coupon bonds values increase.

[achamayou]

Britain is definitely in the northern half of Europe.

[jason0597]

It's kinda obvious that the ECB can only deal with Eurozone countries

[tonyedgecombe]

The ECB/Euro favours the fiscally disciplined states. I'm not convinced that includes the UK.