A speech just made by an ECB board member illustrates perfectly the divergent fortunes of the ECB, Bank of England and the Fed.

In the UK and US – where the recovery is more fragile – markets, economists and journalists are increasingly looking to their central banks for a monetary solution. Not in Europe. The economy is on a “good recovery track”, which can be ensured by fiscal responsibility and structural reform, says the ECB. So, no monetary solution here: responsibility is firmly back with the state. Read more