No longer in step, the two powers in Europe must clash – or the Eurozone will become a de facto Dollar colony

As a senior Russian banker hinted yesterday that Russia is building a global alternative to the Swift bank-transfer system, Angela Merkel has allegedly been telling David Cameron that she thinks the Draghi QE “a very, very bad thing”.

Merkel is the last person on the planet who’d be indiscreet without some purpose to it. Yesterday, a leak went out to various news media from the Berlin Chancellery alleging that ‘Frau Merkel is privately dismayed with Mr Draghi’s pledge to buy €60bn in bonds a month. She believes policy makers have ignored Berlin’s fears about the use of QE on this scale…’. The FT for one printed it almost word for word – and is today running this piece about where and when the split began.

Two years ago…