Pundits are falling over themselves to celebrate fragile signs of economic recovery in the euro zone, but European Central Bank President Mario Draghi isn’t likely to sound the all-clear signal when policy makers meet on Thursday. In part, that’s because banks still aren’t lending. And with credit contracting and money-market rates still elevated, it isn’t clear how the economy can mount a sustained recovery. “Firmer [purchasing-managers’ index] data may have corroborated the [ECB’s] forecast of recovery, but money-market rates are back at levels which led to an extensive discussion of rate cuts last month,” said ... (full story)