It appears that Mario Draghi wants to pressure European leaders into forming a greater economic union by doing nothing. He has long favored the introduction of Eurobonds which would bind the 17 nations closer together and could become a key ingredient of a broader fiscal union. This could provide a long term solution to the Eurozone’s problems but without the cooperation of the Germans, it cannot happen. The longer this drags out the more pain for currencies and equities around the world. The EUR/USD has already fallen to 22 month lows and the next stop could be a 6 year low of 1.20.
http://www.fx360.com/commentary/kathy/7630/some-help-from-ecb-please.aspx
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