Author Says ECB Independence Has Been "Gutted" as Government Debt Holdings Rise €1.4 Trillion Since Lagarde's...

Since Lagarde said the ECB isn't here to "close spreads," the ECB's holdings of government debt are up €1.4 trillion, according to the author.
The author also said the capital key was dropped as a constraint on QE, and that the TPI replaced the OMT's IMF-style conditionality. In the author's view, ECB independence has been gutted like nowhere else.