Headlines:

• The Investment industry news at the start of 2012 has been dominated by the ECB’s long-term refinancing operation and its success will clearly be an important driver of economic and market activity.
• The impact of Trichet being replaced with Draghi appears to have had significant effects: a rate cut and a QE ‘type’ scheme, which has limited some of the short term issues of the stressed financial/economic institutions, although pressure to deleverage remains intense.