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The interesting question is how far he's going to need to go and how long it will take. The Euro is down almost 10% from its high in May and that helps (a little). But he has a difficult job ahead of him when he can't effectively monetize a single European debt instrument, when the Germans are pushing austerity and when the demographics are against him. I think the austerity question is the one that tips the scales and until there's acceptance that its not a time for strict austerity anything Draghi can do will have limited impact. I was really hoping for something today that would convince me to add to mutual funds with more European exposure but it didn't happen. I'm sure it will happen but maybe just not quite yet...
I hope you're correct. The Germans are in the catbird seat. They don't want stimulus. Italy (3rd biggest economy in Europe) is a basket-case. And along with the standard malaise, there's uncle Vladimir the skunk-doer and the awful business in Ukraine.
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