So far, no good. No rate cut (and thus no negative rates); no unsterilized QE; no new LTRO; and no new Italian handouts… With his monetary nightmare growing darker every day, we are sure the man himself will manage to jawbone forward guidance even more forward-er and keep the dream alive that he’ll do whatever it takes when it really matters… Get back to work Mr. Draghi
The transmission mechanism is entirely broken and the Keynesian dream is over…
and for those looking for the culprits for Europe’s lending freeze, look no further than Italy…
… and, of course, a “recovering” Spain:
Live ECB Feed
via Zero Hedge http://ift.tt/1eXw0Jp Tyler Durden