QE is on the way.
The European Central Bank lowered its benchmark interest rate Thursday, as the new president, Mario Draghi, acted quickly to address a looming recession and acute tension caused by the sovereign debt crisis.
http://www.nytimes.com/2011/11/04/business/global/european-central-bank-cuts-rates-hoping-to-avert-downturn.html?_r=1
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