VISION NEEDED: Mario Draghi, head of the European Central Bank, said Thursday that the 17-country euro currency union is unsustainable in its current form. He told EU leaders they must quickly come up with a broad vision for the future to get the bloc through the current financial crisis.
Emerging-market policy makers breathed a sigh of relief after the Federal Reserve left its asset-purchase program in full throttle this week. That much is obvious. What isn’t? That a certain central banker in Frankfurt also likely exhaled ever so slightly — Mario Draghi.
The markets gave a high-five to an ECB statement last week by Mario Draghi "The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time."
I fail to see why this was news even though the ECB has never issued such a pledge before. Did anyone really think the ECB was going to hike rates soon?
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