Now that a financial systemic collapse has been taken off the table with LTRO, it’s reform backlash/fatigue and political risk.   The AP writes this morning,

Instead of a beacon for a better future, many Europeans are starting to see the EU as a death knell, one that is suffocating them with austerity instead of supporting them with job-boosting measures.

Expect more growth agenda rhetoric and use of monetary policy measures.  Monitor carefully.

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