In other news, the European Central Bank

[cthulu2016]

In other news, the European Central Bank (their equivalent of the Fed) met and decided to not cut interest rates. (Unlike us, they actually have a tiny bit of room to cut.)

The ECB said it was up to governments to restore confidence, which would be awesome if confidence was the problem. Whenever you see the word "confidence" it is code for "cutting government."

My headline would have been:

With Eurozone unemployment at 11% and climbing the ECB wants Europe to return to recession to teach the people a lesson.

Global markets lose shine after ECB holds steady
By CARLO PIOVANO / LONDON

Global markets trimmed earlier gains after the European Central Bank offered no new monetary stimulus on Wednesday, with its chief Mario Draghi saying it was the governments' turn to act to restore confidence in the 17-country eurozone.

The ECB kept its interest rates at a record low of 1 percent, though some had expected a rate cut. It also declined to offer more ultra-cheap 3-year loans to banks, as it did months ago to ease the crisis.

Instead, Draghi said there are some problems that monetary policy cannot solve even though "there is a sense of concern."

...

http://www.businessweek.com/ap/2012-06/D9V7M4802.htm

[cthulu2016]

1. ...

[cthulu2016]

2. ..