The European Central Bank faces intense market pressure to take policy action on Thursday and risks losing credibility if it fails to back up a dovish message delivered by President Mario Draghi late last month. Draghi ramped up expectations for Thursday's ECB meeting when, departing from his speech text, he told the Jackson Hole central bankers' conference on Aug. 22 that markets had indicated inflation expectations showed "significant declines" in August. He added that the ECB's Governing Council would acknowledge these developments and, within its mandate, "use all the available instruments" to deliver price ... (full story)