Draghi cautions against complacency, says ECB has done its bit

European Central Bank President Mario Draghi has warned the euro zone against complacency and told leaders who had delivered an upbeat message about corralling their debt crisis not to expect a further ...

Update, and sure enough: PANICOS DEMETRIADES SAYS CYPRUS CENTRAL BANK INDEPENDENCE UNDER ATTACK. As a reminder, Panicos hold the now obsolete position of head of the Cyprus Central Bank. * * *

FRANKFURT — The European Central Bank kept interest rates steady on Thursday and is likely to eschew dramatic action to help Italy or other eurozone countries, despite the threat of political turmoil in Rome reigniting the bloc’s debt crisis. At its monthly policy meeting, the ECB held its main refinancing rate at a record-low 0.75%, in line with what the majority of economists in a Reuters poll had expected. The attention turns now to a 8:30 a.m. news conference, held by ECB President Mario Draghi, himself an Italian.

It's a sea of red in the US and European equity markets following the victory of president Obama and statements made by ECB president Mario Draghi. US equities are now down well over 2% and most of Europe was down between 1 and 2 %. Things would not be any different if Romney had won. Regardless of who won, the global headwinds would have been the same, and the global economy is in a recession already (it's not widely recognized yet, but it soon will be).

FINANCIAL markets were electrified last week by comments from European Central Bank President Mario Draghi, who said: