- Cannot afford to allow any country to breach fiscal rules
- Financial sector must play a role in financing the real economy
Belgian yields hitting 5.50% while gold falls to session low. A lousy safe-haven, that one is, especially in a deflationary environment.
Traders note a call from JP Morgan. predicting the ECB will cut the refi rate to 0.50% by mid-2012. We stand at 1.25% today. 1% was the low seen after the 2008/2009 financial crisis.
