The Phaserl


ECB Stimulation: The Trap Closes

from The Daily Bell:

European Economy … No More Excuses for Draghi … For months, European Central Bank President Mario Draghi has hinted that he’s ready to announce a full-blown program of quantitative easing. [Now] the EU Court of Justice’s advocate general cleared away a possible legal obstacle. With prices in the euro area now falling, any further delay would be inexcusable. The euro zone has gone from bad to worse, and it is dragging the world economy down with it. The World Bank just slashed its 2015 growth forecast for the euro area to 1.1 percent, down from June’s estimate of 1.8 percent. The forecast for global growth was cut to 3 percent from 3.4 percent. Europe’s economies desperately need an injection of demand, and the ECB can deliver that with QE. – Bloomberg

Dominant Social Theme: Only the European Central Bank can save us now.

Free Market Analysis: So now it begins. Last week the EU Court of Justice advocate general ruled that the central bank could purchase sovereign debt. One by one, the hurdles are toppling and the reality of ECB market purchases grows closer. Of course, last year the German constitutional court ruled – understandably – that such purchases are NOT constitutional. This is setting up a significantly adversarial environment and one wonders how it will end.

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