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ECB’s Draghi can’t afford to sound all-clear yet
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 ... (full story)
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