Draghi and the San Gennaro Miracle
The city where the latest European Central Bank (ECB) meeting was held, Naples, could have been centre stage for its President Mario Draghi to introduce the much-anticipated and miraculous Quantitative Easing (QE), which has yeilded good results for the US economy. Despite playing on home turf, however, the Italian banker chose to keep that ace (the purchase of public debt similar to those purchased by the US Federal Reserve) up his sleeve, and to stick to the path set by asset-based securities. This means buying private debt, as early as this month, to revive an ailing eurozone that registers a stagnant five-year low inflation rate.
