The fallout from the German naked short-selling ban is having fascinating ripple effects already, beyond just the market.
According to CNBC, France’s finance minister Christine Lagarde has come out in rejection of the move, saying the country will not consider similar regulations, and that she “regrets” Germany’s unilateral move on this front.
Suddenly you have one of Europe’s two most important players actively denouncing the other one’s dumb behaviour.
Right now, all of Europe could probably find a reason to be angry at Germany. It was their intransigence that caused the Greek crisis to go on so long, and it’s Germany that’s making waves at a time when the market could use calm.
More proof that German leaders have taken political incompetence to an art form.