ECB Governor Mario Draghi, in presenting on 8 December the decision by the Eurozone's central bank to cut its basic interest rate by 0.25 of a point to 1% from 1.25%, announced happily: “The ECB is here.”

This is a reference to what the European Council of 8 and 9 December is expected to decide on the zone's fiscal front. French President Nicolas Sarkozy and German Chancellor Angela Merkel, aided by European Council President Herman van Rompuy, are expected to pr...

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