Thursday, September 6, 2012
Waiting for Draghi
September 6, 2012
Bad news: the next stage of the never-ending saga that is the eurozone crisis could depend on some arcane bits of monetary policy and some not very attractive words.
Mario Draghi will stand up this afternoon to explain how the European Central Bank's governing council has decided to back up his pledge to "do whatever it takes, within our mandate" to hold the single currency together.
Even more than usual, the markets will be focusing on the exact wording - and listening out for some key phrases, some of which are easier to understand than others.
When it comes to the ECB buying the debt of sovereign governments such as Spain, there are three pieces of terminology that matter today.