ECB Crisis Meeting Is More About Periphery Than Inflation
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It’s clear things are getting serious when it is Emergency European Central Bank Meeting time. If it judges fragmentation has gone far enough, then we should get some concrete measures announced today. Already the euro and peripheral bonds are rising.
The timing of the meeting, coming hours ahead of the Federal Reserve decision, means there are obviously fears on the governing council that an aggressive FOMC might push risk assets into a tail spin. The ECB needs to get its safety net in place ahead of that.