Who is the biggest beneficiary in volume reduction after the latest ECB stimulus package?

The ECB this month reacted to the former issue, by introducing a tiering system. It works as follows: any amount of reserves a bank holds at the central bank, up to six times its minimum reserve requirement, will be exempted from negative deposit facility rate. 

According to the German press it is all bad for Germany. Small wonder they say, Draghi is Italian. So here are some headlines (all articles are in German) from the German press.

- Die EZB-Direktion braucht einen Nachfolger aus Deutschland

The ECB Directorate needs a successor from Germany

- Am Ende verliert der deutsche Sparer

In the end, the German saver loses

- Das steckt hinter Lautenschlägers mysteriösem Abgang

This is behind Lautenschlager's mysterious departure

"The jovial lawyer should also have been a thorn in the side of Draghi, who appears rather elitistically distanced, because she, as Vice-Chairwoman of Banking Supervision, argued for a tougher course than shaky banks in the Eurozone. In particular, the banks in Draghi's native Italy are crammed with bad loans, the write-down of which strains the equity of financial institutions. Draghi, who served as ECB chief bank supervisor in Italy before his time, is unlikely to be interested in pushing banks to write down more quickly." (Google translate)

Here is the clear winner of Draghi's policy.