‘The European Central Bank has reached the end of the road. It no longer has the monetary levers or the political authority to launch another ‘shock and awe’ rescue if the eurozone tips into recession.

‘Mario Draghi tried valiantly to bluff his way through the ECB Watchers conference on Wednesday, laying out his surgical toolkit should the worst happen. “We are not short on instruments to deliver our mandate,” he said. (Draghi is President of the ECB)

“What instruments?,” asked Ashoka Mody, the former deputy-director of the IMF in Europe. “Aside from its jumble of words, the ECB has nothing else to offer.”

Thus, writes Ambrose Evans-Pritchard last night to open the news of A big bazooka that’s turned into a pop-gun: the ECB has let deflation take hold and is now an impotent spectator.

As we continue watching developments in the eventual fall of the European Union and Euro, newer readers may wish to review the sequence of some, as noted on this blog:

• #13 – David Noakes on the ‘Fall of the EU’ (5 Dec’16)
• #13 cont’d – The Demise of the EU (23 Feb’17)
• #13 cont’d – Keep Watching the EU’s Fall (29 May’18)
• #13 keeps rolling on: Brussels ‘Gravy Train’ Breaks Down (12 Jun’18)
• #13 rolls on: Muslim Migration, EU’s Collapse – even prophetical football? (28 June’18)
• #13 yet again – 3 signs in 1 day of the EU’s shaking!! (On 9/11) (10 Nov’18)
• #13 cont’d – Latest on EU’s Financial Shaking (20 Dec 2018)
• #13 cont’d – Europe Is In Danger Of ‘Sleepwalking’ To Its Doom (13 Feb’19)
• #13 cont’d – German Alarm Over Dangerous Ultimatum Over Brexit (21 Mar’19)
• #14 Patsy Southway on the ‘Domino Effect’ (5 Dec’16)
• #13 & #14 – ‘Watching’ Public Press Foresees A Leaderless EU! (7 Nov’18)

[Illustration courtesy of Kononia eNews_Breakup-of-EU]