Unexpectedly Dr. Aghi pulled it and promised to pull it again down to zero%.
So despite Rehn, Schauble et al. essentially calling the crises in the EU solved, it is not.
Expect Germany’s surplus to wide even more and at the same time, since this is a union, Club Med drift further south and further into deflation.
A new LTRO is off the table it seems which will bear down for a while on the DAX, but with no other place to go with the moolah it should reach 9,500 easily.
2015 might be the time the EU enters ‘Japan 1990s’. Unless a country like Italy decides enough is enough.