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QE in Europe: a Political U-Turn

Tuesday, 31 Jul 2012 | 1:00 AM ET

"We're talking the ECB potentially doing Bank-of-England style QE at some point, so it's a very significant change," Stephen Gallo, FX strategist at Crédit Agricole Corporate and Investment Bank, told CNBC. "From the FX perspective, currency-wise, this is the most difficult move towards easier monetary policy ever, it is tradable," but some forces are euro-positive and others could be very euro-negative, he said. "It's a balance between what peripheral countries need and what core countries need... but it also has a risk of potentially disrupting the an orderly political situation between North and South."