“The underlying pace of monetary expansion continues to be subdued...The December 2012 Eurosystem staff macroeconomic projections for the euro area foresee annual real GDP growth in a range between -0.6% and -0.4% for 2012, between -0.9% and 0.3% for 2013 and between 0.2% and 2.2% for 2014. Compared with the September 2012 ECB staff macroeconomic projections, the ranges for 2012 and 2013 have been revised downwards.”
--ECB president Mario Draghi, Dec. 6th, 2012
Here’s a brain teaser. Look at the two Marios, Monti and Draghi. No one would deny that they are exceptionally intelligent and perceptive people. Any country or central bank would be happy to have either of them at the helm. They are both Ivy League-trained economists (Monti at Yale, and Draghi at MIT). Either of them can think rings around most European or American politicians. I have had the occasion to meet them both a few times, and they are very impressive.