Bold action is probably at least five weeks
away, insiders say, though some more clues may come when the ECB reveals
its latest interest rate decision on Thursday.
other pieces have to fall into place before the ECB will act
decisively, insiders say. These include a request for assistance from
Spain, which Madrid is still resisting, a decision by euro zone leaders
to let their bailout fund buy bonds at auction, and a German court
ruling on the legality of the euro zone's permanent rescue fund, due on
Above all, ECB
President Mario Draghi must overcome the resistance of Germany's
powerful central bank, the guardian of monetary orthodoxy, glowering
from the other side of Frankfurt.
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