GYEONGJU, South Korea (MNI) - The meeting of Group of 20 finance ministers and central bank chiefs ended here Saturday amid claims that real progress has been made on addressing the global imbalances and the spats over currency interventions that have dogged the global economic recovery.
Markets always love a money dump, which is why European stocks are now rallying on news that the European Central Bank will purchase 1.1 trillion worth of euro-denominated bonds between now and September 2016. Bond yields are dropping, implying less risk in the European debt markets. And the value of the euro itself is falling, which should make European exports more competitive, which could in turn bolster the European economy over all.
All good, right? For now, yes, it is all good.