The January 22 ECB meeting is the most-significant risk event on the global economic calendar.

It’s primarily a risk to the eurozone and euro-denominated assets but disappointment if the ECB fails to act could spark a rout on risk assets outside the eurozone as well.

The Telegraph writes about the problem.

Thanks to Draghi, and the siren calls of an army of economists working for financial institutions set to benefit from a dose of eurozone funny-money, there’s a near-universal market expectation that the ECB will announce a no-holds-barred QE programme at its next meeting on January 22. Such is the hype that a weak announcement will result in a serious lurch, as equities tumble and bond yields spike.

I doubt the expectations are near-universal but it’s clearly become a main street story at this point and the past 6 months have shown that when these markets find a reason to kick and scream, it can get ugly.