Having boldly pledged to do whatever it takes to save the euro back in the summer, ECB President Mario Draghi has struck a noticeably more cautious tone over recent months. We expect more of the same at the post-Governing Council meeting press conference on 6th December. While stating again that the ECB stands ready to put its bond purchase plan into action, he will reemphasise that it is up to euro-zone governments to address the debt crisis. And he is unlikely to offer much hope of further imminent policy support for the broader euro-zone economy.
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