The European Central Bank has bought time for the euro with a scheme for secondary-market purchases of bonds of countries such as Spain if they are shunned by investors. And the European Stability Mechanism is set to buy the debt as it is auctioned, after Germany's top court approved the establishment of the permanent rescue fund. Immediate market pressure has subsided.
Economic trends remain dispiriting: euro zone output is contracting, forecasts for 2013 are being downgraded and the myriad reforms needed to boost longer-term productivity and competitiveness are for the most part conspicuously absent.
http://www.4-traders.com/news/Euro-zone-making-scant-headway-on-growth-and-reform--15199137/
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