Here are the news about Frankfurt via Munich, Inauguration of European Central Bank had 20 invited guests in the foyer for a speech of Mario Draghi, they chartered a boat via the river Main and arrived, there was an ininspired speech of Draghi.

The board of ESM European stability mechanism has seven members among them Norbert Barthle, before budget director, they transfer 400 billion from the federal budget to Luxembourg, the fund is filled with transfers of federal budget, then after Entscheidungen of Federal Court Ferdinand Kirchhof Tübingen and Karlsruhe ESM may trade in currency emitted after a M1 and M3 concept of the federal bank and bonds, emitted for seven years when they buy in bonds of shorter duration and higher guarateed interest rates to emit new bonds of lower interest rates, the ruling only say, they may trade in currency and bonds, globally an exchange rate of 1,06 $/€  rate is an exceptional low, good for the US dollar, bad for Euro currency.

So they may trade but they have targets of the Dollar to Euro rate and interest rates in the money market and they only traded for 90 days options american style in bonds of Greece towards the ESM interest rates in bonds.

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