I´m coming to this on the footsteps of Lars, Britmouse and Ambrose Evans-Pritchard. But I couldn´t resist putting up a couple of “swap images”!
Monetary policy is ‘brightening’ Japan and ‘dooming’ the Zone!
It appears “Abenomics” packed much more punch than Draghis´ “whatever it takes”. One is a PM the other just a CB Head (in a dysfunctional Union)!
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In Tokyo, home durable goods rose for the first time in two decades
http://blogs.wsj.com/economics/2013/11/29/fresh-price-data-show-abenomics-making-progress/?mod=WSJBlog
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A bit unfair on Draghi. The counter-factual of him not saying that back in mid-2012 was truly too awful to contemplate.
But you are basically right, he really needed to actually do some OMT (Outright Monetary Transactions) rather than just talk about doing them if necessary.
I know. But clearly not sufficient in an absolute sense 9or compared to Japan).
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