ECB's Knot: Expectations for monetary policy 'unrealistically high'

Comments from Knot:

• Markets got used to ECB always providing heavily
• Increase of monthly bond buying amount wasn't discussed
• Only proposal that was discussed was adopted
• Declines to disclose how he voted
• Europe's fundamental problem is lack of govt reform
• Expectations for monetary policy unreasonably high

His last two points are especially good. There is far too much focus on monetary policy throughout the developed world and not enough focus on governments, which have far more power to stimulate and steer economies.