According to reports from Davos, the consensus among global economic leaders is that the most dangerous phase of the eurozone crisis may now be over. Mario Draghi has emerged as the hero of the hour. By using the central bank balance sheet aggressively to stem the credit crunch, the ECB President has dampened bankruptcy fears in the financial system, and talk of “another Lehman” has died down. But while market fear is on the wane, greed has not yet taken over, and that leaves much work for the central bank to do. Read more
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