Euro delusion

Dow Jones has quite a headline up,

Euro Area Has Entered Self Sustaining Recovery

Welll that is according to Yves Mersch, who represents Luxembourg on the ECB.

"I am confident that the positive underlying momentum is increasingly broader based and signals a self-sustaining recovery in the Euro area," Mersch said in a speech in China, according to prepared notes.

Against this backdrop, the "gradual pace of adjustment of the monetary policy stance, of the overall provision of liquidity and of its allotment modes can continue,"

I love that reference to 'according to prepared notes'. I guess his media handlers didn't trust him not to speak honestly.