Jury is still out on bond buying, warns Draghi (Telegraph)

"The central banker, who has been hailed as a “hero” in Davos for curbing the crisis, said the Outright Monetary Transactions had “removed the tail-risk” from the euro, but he added: “Are we satisfied? All in all, the jury is out.”

He told delegates at the World Economic Forum that the programmes had injected “positive contagion” into global stock and bond markets, resulting in rising equities, falling borrowing costs and economic conditions that were “considerably more favourable than last year”.

However, he added: “We don’t see this transmitted into the real economy.”

The former governor of the Bank of Italy dashed the hopes of those appealing for more ECB intervention, insisting that the next step to recovery depended on national governments pushing through reforms.

He dubbed 2012 as the “year of the relaunch of the euro”, when the euro project was not just saved but also pushed forward towards its original goals of greater integration and unity.

He said 2013 had to be the “year of implementation – decisions have been made, we now have to do it”."
Notícia curtinha, mas que revela tudo. Discurso em Davos, pois claro.

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