Good news from Europe

[jft310]

LONDON, July 26 | Thu Jul 26, 2012 6:22am EDT

(Reuters) - The euro and European shares rose on Thursday and German Bund futures fell after European Central Bank President Mario Draghi said the central bank was ready to do whatever it takes to preserve the euro.

The euro turned positive on the day versus the dollar to hit a session high of $1.2177, from around $1.2130 before the comments.

The FTSEurofirst 300 extended gains, rising 0.3 percent to 1,021.14 points by 1014 GMT.

German Bund futures turned negative. The Bund gave up the day's gains to stand down 11 ticks on the day at 144.58.

ECB has a mandate for a sovereign Europe. National Security to come.
This removes or at least reduces investment risk

[ValueSleuth]

Just more empty words.

The ECB can't solve the fiscal integration problems that plague the Euro.

The EU will keep having their worthless summits (19 so far, in the recent series) until some outside force impels a restructuring of the zone, with the loss of the first country to go -- Greece. Then, it will have been proved that countries can exit and improve the lot of "their people." Others are likely to follow, or threaten to follow in order to extract lucre from Germany, if they'll give it at that point.

Something more than ECB promises are necessary. (The ECB promises sound like those of Uncle Ben, when the problem is FISCAL, not monetary.)

VS

[admin]

Well, they can give the ESM a bank license, that will do wonders to restore confidence as they would create a firewall of sufficient magnitude overnight. That would go a long way to restore confidence. Alternatively, the ECB itself could engage in QE. Everybody is doing it apart from the one area where it would really work, so, if you can't beat them..