So we come to what could be one of the most crucial days for the euro in years. This is expected the day that Mario Draghi announces a package of QE that will significantly increase the size of the ECB balance sheet possibly by around €1 trillion within the next two years. We have had leaked reports that a €50bn per month programme of sovereign debt (and possibly a combination of corporate debt) purchases will be engaged today and could last for between 12 months and two years. Consensus estimates suggest somewhere in the region of €500/€600 billion in total will be announced. With sharp falls on the euro and sharp ... (full story)