All talk, no action. That's what, as usual, happened at the ECB today where after much bluster and QE rhetoric from everyone including former permahawk Jens Weidmann, the ECB did precisely as most had expected. Nothing.
Monetary policy decisions
At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.25%, 0.75% and 0.00% respectively.
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.
As for that rapidly deteriorating inflation chart in Europe, don't worry. It will fix itself.
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As will Europe's non existant private sector loan creation.
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Because quite frankly, the actual economy doesn't matter as long as Greece can issue bonds at the same rate it did a decade ago, but only with 20% more unemployment.
Expect even more nothing from Draghi at the press conference next at 8:30 am.