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La Repubblica - Italy | Friday, January 16, 2015

Financial markets triumph over central banks

The Swiss National Bank (SNB) has pulled out its weapons but the financial markets are jubilant at the prospect of the ECB's large-scale bond buying programme being implemented, writes the left-liberal daily La Repubblica: "The financial markets can see a positive side to the SNB's decision because they see it as confirmation that the Eurotower is poised to change course and that that change of course will be even more radical than expected. ... They have won this Stalingrad. We live in a time of all-powerful central bank chiefs. They're the champions in creating infinite amounts of money per mouse click. But Switzerland threw in the towel yesterday because the financial markets have proven that they are even stronger. Particularly when the central banks overestimate their own power. The bells are ringing in Bern but their echo can be heard all the way to Frankfurt."

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