In the words of Barclays' analysts, the European Central Bank (ECB), is "pulling all the levers." As of today, it's cut the refi rate by five basis points to 0%, it's cut the depo rate by 10 basis points to -0.4%, and it's cut the marginal lending facility rate by five basis points to 0.25%. It's expanded its monthly purchases under the asset purchase programme (QE) from €60bn to €80bn, and - among other things - it's added non-bank euro-dominated bonds to the list of assets it's purchasing under QE.
The effect on European corporate bonds has been predictable: suddenly the ECB has the potential to become the market's biggest buyer.
So, now that Europe's debt capital markets bankers and credit traders and FX traders are in thrall to their masters in Frankfurt, it's worth wondering how much their new overlords are paid. The answer - by banking standards - is not much.
The ECB publishes its salary structure annually. The most recent report came out in January 2016. All the information you could ever want to know about ECB pay is included in the chart below.
Structure of salaries at the ECB
Basically, you start on €34k ($38k/£26k) and - if you work your way up to 'Band M', you can earn €266k ($294k/£207k).
This isn't all though: if you're a non-German you'll get an additional 15% relocation allowance; if you're a parent you'll get an extra €300 or so each month for every child under 26; if you're the 'head of a family' you'll get an extra 5%. You'l also get to enjoy all the pleasures (or not) of Frankfurt and maybe even to train at the ECB's very own 'university in a castle.'
Photo credit: General Council 2015-012 by European Central Bank is licensed under CC BY 2.0.