Continued avoidance of conditionally, transparency, discipline and collateral (e.g. some of the key origins of the Russian default last August).

CENTERFORSECURITYPOLICY: Center For Security Policy

To appease the holdouts, it left key points broad and noncommittal, offering the possibility of collateral to Finland and describing the complex bondholder deal in a few strokes, vague language that would return to haunt the bloc.

WSJ: European Disunion: Dithering at the Top Turned EU Crisis to Global Threat

Let me quickly mention one of the key side effects that concerns me about very large scale asset purchases: the removal of collateral from the financial system.

FORBES: Miles Kimball on QE