Cliff Taylor decodes Draghi statement

The ECB is preparing to act but not just yet. Mario Draghi wants Europe's politicians to play ball first, writes Cliff Taylor.

2nd August, 2012
There is now scope for more market swings in August and an almightly row in September, writes Cliff Taylor.

The initial reaction of the financial markets to Mario Draghi's comments was disappointment.

There had been a huge run up in bond prices and equities since his speech in London a week ago in which he said that the ECB would do whatever is needed to save the euro and that everyone should believe him that this would be enough.

Following this, market analysts had speculated that he might announce an immediate resumption of the...

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