The ECB has not moved at all. It has not moved to tighten monetary policy, nor has it moved to ease. It has done nothing… nothing at all, and it has done nothing with a great deal of fanfare.
Between [Mario] Draghi on one side and the Germans on the other, with Draghi pushing for a much more aggressively easier policy while the Germans fight for monetary austerity. Eventually, Draghi will win this debate, and indeed he must, for the very existence of the monetary union depends upon an end to German austerity that has begotten double-digit unemployment rates across so much of the continent and has kept them at double-digit rates.