The smoking gun is a demonstration that what happened for instance on the exchange rate front would have an effective impact on soft data, on the PMIs, and on the data flow that would usually drive the ECB decision. I think the ECB is putting itself in a situation where they need to finetune their communications very often. So, last month was very positive which created a little bit of overshooting of the market especially this mention by Draghi that the exchange rate was inline with the long term average which can be seen as we're relax and we ain't really concerned about this. Then they had to finetune the ... (full story)