Nice move by the ECB who again decided to sit on their hands.
Let me see. Periphery countries are falling apart, there is a run on banks belonging to these weaker countries, unemployment is going through the roof, and economic growth is non existent but the ECB still refuses to drop rates further.
Frankly, the lack of action by the people that count in Europe has been disturbing from the very beginning. It's almost as if they are a deer in the headlights and can't do anything. They hope that by doing a little bit at a time they can buy the time they need for all of this to go away. This won't go away anytime soon and it won't go away without a serious cost to all countries and citizens involved and all of this because the people that run the joint worry about inflation which hasn't and will not exist in Europe at any time in the near future.
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