It would be hard to script a more challenging context for the European Central Bank's high-stakes policy meeting next week. In a renewed effort to stimulate economic growth and avoid damaging deflation, the central bank is poised to take unprecedented measures. It must take into account three immediate and complicating considerations: market interest rates have already taken another meaningful step lower, the uncertainty surrounding the Greek election later this month, and the fact that many income-challenged European citizens appear in no mood to be told that higher inflation will be good for them. On Jan. 22., ECB ... (full story)