Draghi's monetary policy presentation.

Mario Draghi, the ECB President made a monetary policy announcement on Thursday. Catch of the details here. I didn't anything substancial with a lot of promises here and there. Maybe we can expect more from him next week. With the yields of the Spanish 10-year bonds at record high, more needs to be done to reduce the risk premia on the bonds. Will the Eurozone governments be keen to engage the bailout funds established by the ECB.

Next week, hopefully Draghi will touch on the issue of seniority issues of potential purchases by the ECB in the event of a hair cut. But hey, investors can't have it both ways. Countries are having to do with those harsh austerity prescriptions hence investors have to bear some of the brunt of the difficulties facing the Eurozone.

At least the ECB has confirmed that the Eurozone project is there for good but more needs to be done to cement the fiscal union to complement the monetary one. So the coast isn't clear for the Eurozone and we expect more from Draghi and the ECB.