While ECB struggles, Fed sees recovery

The European Central Bank will spell out on Thursday its latest attempt to steer the euro zone away from the prospect of damaging deflation, following the latest snapshot of consumer price pressures on Tuesday. Treasury Secretary Jack Lew last week laid bare Washington's long-standing frustrations with the reluctance of European governments to increase public spending. After surprising markets with an interest rate cut at its September meeting and trying to get banks to take cheap loans to boost lending, the ECB on Thursday is due to give details of its plan to unblock corporate credit by buying repackaged loans. This would help them gauge when the ECB might start buying government bonds, a much more powerful - and controversial - form of stimulus.

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