Japan's pro-active vs. Europe's re-active monetary actions produced different market reactions today, as shown below. I wonder which one will work out in the long run?
By the way, I'm wondering if Mario Draghi considers whether the ECB's actions, in dealing with the Cyprus bailout situation, are, in fact, in line with their 'accommodative' moneary policy, which was mentioned in today's press release -- "Against this overall background our monetary policy stance will remain accommodative for as long as needed." Since he used the words "remain accommodative," I have no alternative but to assume that he considers that all ECB actions, to date, fall into that category...and that the same 'accommodative monetary policy' would be used in other situations with other countries.
Forewarned is forearmed!
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