Earlier today, the ECB decided to keep rates at 1.00%, as expected. There were no major or even minor moves in the EUR pairs following the announcement indicating that rumors of a rate hike by the ECB are still very preliminary. Yet the one issue everyone wants to hear more information on is when the latest "rescue" ponzi scheme, the EFSF, will become active, which will allow Europe to wash its hands of all direct monetization allegations, and blame it all on a CDO. Of course, when the CDO itself implodes it will be Europe, and mostly Germany left to pick up the pieces, which is why Merkel is so far the only party which has refused to endorse the outright monetization power of the EFSF. For an update of the ECB's views on the EFSF watch the press conference starting any minute now.
Watch Trichet Press Conference Following Today's Rate Decision Live
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