Thursday in Europe the ECB meets to announce its decision on interest rates. The unanimous consensus is for the ECB to hold rates at 1%. This is probably correct for Draghi will not want to be seen as possibly aiding Sarkozy. The reports out of France tonight are that Mr. Hollande more than held his own against President Sarkozy in the only televised debate of the campaign. Thus, with four days to the election the ECB will lay low. If Draghi, though, is familiar with the Wizard of Oz, he would do well to ask for the necessary elements of decisive action.
