#2: Jens Weidmann, President of the Bundesbank
But Mr. Draghi will not use a single euro to buy periphery country debt if Jens Wiedmann has anything to say about it.
Weidmann is president of the German Bundesbank, the single-most powerful national bank within the eurozone system, and a leading member of the ECB’s governing council. He’s also the most vocal high-profile critic of Draghi’s bond-buying plans, arguing that such operations are an illegal funding of member states’ budgets and a major overstepping of the ECB’s mandate.
Sure, Mario Draghi can act over Weidmann’s opposition. But given the Bundesbank’s influence within the system, it won’t be particularly fun or easy. Much of Draghi’s stalling in recent months has been due to his need to get the Bundesbank on board. His success or failure on this count remains to be seen.