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Mohamed A. El-Erian

ECB Shows It Can't Be Markets' Best Friend Forever

Draghi disappoints with measures that didn't meet unrealistic expectations.
Guiding forward.

Guiding forward.

Photographer: Jasper Juinen/Bloomberg

The European Central Bank decided Thursday to double down on its unconventional monetary measures and venture further into experimental policy terrain. But the bank didn't go as far as traders had anticipated or hoped: After the announcement, European equity markets plummeted and the euro registered its biggest single-day move since 2009.

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