The European Central Bank's (ECB) recently announced bond buying program should help stabilize financial markets both in the Eurozone and elsewhere. However, quantitative easing by the ECB may not be a panacea for what ails the Eurozone. More must be done to heighten the global competiveness of member economies.

According to Azad Zangana, Europe Economist at Schroders, the ECB's QE programme will benefit the Eurozone economy by reducing the risk of deflation; however, it is not a panacea for the monetary union's ills. Deep structural reforms are required in order to raise Europe's potential trend growth. Without structural reforms, the ECB may be forced to add additional stimulus in the future as growth falters again.

The Ecuadorian government's announcement of cuts to the 2015 budget and new Chinese loans signals how the authorities are responding to the fiscal and financing challenges of lower oil prices, Fitch Ratings says.

According to William H. Gross, markets are reaching the point of low return and diminishing liquidity. Investors may want to begin to take some chips off the table: raise asset quality, reduce duration, and prepare for at least a halt of asset appreciation engineered upon a false central bank premise of artificial yields, QE and the trickling down of faux wealth to the working class...

Risks to Russia's economy in 2015 have been increased by this week's extreme volatility in the rouble and the sharp rise in interest rates, Fitch Ratings says.