Ambrose Evans-Pritchard writes his take on the European Central Bank policy announcement

  • Says President Draghi has played his last card to stave off deflation
  • He's "pulled out all the stops"

But ...

  • The markets reacted wildly
  • Surging at first and then plummeting on creeping fears that the bank has exhausted its policy options and may be defenceless against a fresh shock
Mario Draghi, the ECB's president, no longer seems able to conjure confidence with his former panache. His magic has, for now, deserted him.

AEP's article is here

I imagine Mario is still awake.

Sitting in a darkened room. With a glass (or two) of wine. A rueful smile perhaps playing across his lips. His brow still furrowed.

Listening to sad songs low on the stereo ...