Drudge lose the trust of the market?
 
Yesterday evening, the European Central Bank meeting on interest rates, decided to maintain the original interest rates unchanged. The news was released in Beijing 19:45, reporters tracking the European market, the display is still rising steadily, indicating that the market is still looking to cut interest rates outside the ECB will continue to take other rescue measures, but about 20:35 GMT The market began to Sharp down, is being held a press conference, Draghi's speech was significantly deviated from the position last week, "all efforts to defend the euro", although he also stressed that "The euro is irreversible.
 
Drudge revealed that the introduction of the press conference, the European Central Bank monetary policy committee is widely discussed in the risk of the bond market in some European countries, but the outcome of the discussion is not the markets expect the ECB to re-start a new round of bond purchase plan, or re-launch a long-term re-financing the project or the issuance of banking license to the permanent rescue mechanism (ESM), but filled with the tone of Germany's "continue to promote fiscal austerity, structural reforms and the construction of Europe a mechanism.
 
This speech was obviously defeated in this round of the European Central Bank and the German government in the bailout game. European Central Bank to start within a short time above the possibility of an emergency rescue measures to reduce, at a news conference, Draghi said that Germany expressed reservations about the purchase of bonds.
 
In addition, leaving the market is staggering, July 29 Bloomberg story that Drudge support the banking license issued to the ESM, which will greatly enhance the ESM of the rescue fire is an effective way to stabilize the market in the short term. But last night's news conference, Draghi said that EU law does not allow given the ESM banking license.
 
However, Drudge did not fully make the market disappointed, Draghi said that the Government must be ready to be activated under extreme circumstances "EFSF / ESM intervention in the market mechanism", but must comply with the EFSF / ESM rescue conditions.
 
Drudge also said the central bank's management committee would be timely to consider adopting unconventional monetary policy to fix the monetary policy transmission mechanism, "In the coming weeks, we will be involved in some of the more appropriate policy model."
 
These positive statement in 20:35 before the next, the market gradually Drudge follow-up lecture and question and answer phase of the feasibility of salvage program.



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