NEW YORK (TheStreet) -- The European Central Bank kept key interest rates the same at its latest meeting held Thursday, and the central bank and its president, Mario Draghi, gave no indication that further action would be taken.
The general feeling is that Draghi and the ECB won't make any more moves until at least December unless political tensions rise in Europe or in the case of a major economic shock.
For someone who has indicated that he would do what was needed to support the euro, Draghi is now trying to shift the burden of economic policymaking to the governments within the eurozone.
For example, Draghi has suggested the economic problems in Italy are the result of a lack of labor market reform and excessive government regulation of business.
Draghi's approach is different than the one taken in the U.S., where the Federal Reserve took the responsibility for a recovery on its shoulders and executed three rounds of quantitative easing, pumping up liquidity in the banking system to dramatic heights.
But Draghi and the ECB have resisted the pressure to introduce quantitative easing. His stance reflects two points that investors should consider.
First, Draghi has seen that quantitative easing has done little, if anything, to help the American economy. He doesn't seem to want to pump all sorts of liquidity into European banks because he doesn't think that would have much impact on economic growth.