The figures are not proof yet of an economic slowdown as they are being distorted by cutbacks in work creation programs.

The ECB probably has not found a consensus yet on rate policy beyond Dec. 1. For this reason, the ECB is unlikely to provide any clear Fed-style guidance on the future course of rates,

The evidence on U.K. consumption remains contradictory. Some data such as weak consumer confidence and the reluctance to use credit cards point to further weakness ahead. However, the modest rebound in the real estate market and anecdotal evidence of satisfactory Christmas indicate a modest strengthening in spending.

The hope that Germany would be a shining European example for accelerated reforms has been dashed,

This has weakened his claim to be the one who could lecture other financial ministers on how to run their economies. He should publicly apologize to the IMF staffers whom he scolded last time for being too pessimistic on the U.K.

Germany is reaping the fruits of wage restraint and painful structural reforms. In addition, the change in government seems to have improved the business climate even if Merkel has so far done hardly anything in terms of serious economic reforms.

The last 24 hours were the worst setback for reform hopes in Europe in a long time.

Slow growth last year is still affecting the labor market.

They were slightly more dovish than I expected. There is a bit of a conflict between the bank's statement, and the numbers they gave.

It seems as if the labor market would stabilize even if it's still too early to speak of a change in trend. It's good news for consumption, but faced with high oil prices, a real improvement doesn't seem very likely for now.