Hello, my name is David Ronsman and this is Talking Politics. We spoke to Adam Tuz in

New York yesterday. He put that episode out and then things changed overnight. We're

speaking to Adam again today to get the latest on what is going on.

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So the ECB change of heart that happened overnight and we did a little update yesterday but

we're going to talk about it in a bit more detail today Adam. You've had a chance to sleep

on it. What do you think, Labour, I asked you yesterday whether Lagarde's original press conference

was considered willful or just a blunder. Does it now look like a blunder? Oh man, I don't

think there's any doubt at all even at the time. I think it was clear that if she was speaking,

she was speaking if you like the kind of the repressed id of the conservatives on the

the ECB council and it was from the point of view of market stabilization and disaster.

From there, there were really only radical paths forward. They've chosen quite clearly

this week the path of status quo of stabilization. What they've done basically is a gigantic

ramped up bomb-byde scheme. The sort of thing that Draghi had been operating since 2015 but

with the gloves taken off with explicit provision for them being able to modify their own rules

which limit them completely artificially to a certain percentage of the sovereign bottoms

...