ECB: Why did it not work? Excellent piece by Stephen King from HSBC. It's simplu s must read - as his comment is the most spot on and most realistic, note in particular his finishing five reaons:

First, the ECB’s proposals are very much a work in progress: the instant gratification investors hoped for – and which they thought Mr Draghi had promised last week – didn’t materialise. Second, ECB help appears contingent on actions from others: in Mr Draghi’s words “the adherence of governments to their commitments and the fulfilment by the EFSF/ESM of their role are necessary conditions”. Third, even with a bond-buying programme, there is no guarantee of economic success. The US and UK experience in recent years, after all, has hardly been encouraging; both are once again hitting economic brick walls. Fourth, it is blindingly obvious that the Bundesbank is not on board.

Full link from FT.com:
http://www.ft.com/intl/cms/s/0/f68d6208-dc97-11e1-a304-00144feab49a.html#axzz22QFiiHtk