Draghi : we overestimated inflation for 2014, our current estimate for 2015 (0.7%) does NOT take into account the slide in oil prices, so it's urgent to do nothing until we have evaluated the supplementary impact.

Positive : QE will be possible in Q1 2015, and does not require unanimity of governors.

Negative : While comprehensively betraying their mandate on inflation, the ECB hectors nations to "reform" - NOT their mandate.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}