Dear Mario Draghi,

First and foremost, allow us to state that we have great respect for the difficult task you face in keeping the euro stable and Europe united.

However, what you are doing is wrong. For years, you have been throwing more and more money at the market. You have abolished the interest rate. And you have loaned money in unimaginable dimensions to states that are highly indebted.

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By doing this, you are gradually changing Europe, Germany, and the lives of millions of people – not for the better, but, in the long term, for the worse. It no longer costs anything to take on debts. Saving money no longer generates any interest. Anyone who invests money with you must even pay something.

You are thereby turning the rules of the economy upside down. People who are able to are fleeing into real estate with their money – prices and rents for which are on the rise. The retirement provisions of millions of people are melting like snow in the sun. Social insurances, pension funds, and foundations are all losing great amounts of money every day, and thus losing their capacities. For years, we have taught Germany’s children that saving money makes sense, because one has to provide for bad times during crises. You are undermining that culture. All of this cannot end well in the long term.

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And what is it all for? Have European states that are in a crisis used the bought time to reduce their debts? Has Europe moved closer together? Your monetary policy has achieved none of this.

If one is in a dead-end street, one should not increase the speed. It is time to turn around – step by step. Now!

Best wishes,

Helmut Schleweis