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By Jason Stipp and Jeremy Glaser | 01-09-2015 09:00 AM

Friday Five: Decision Days for the Eurozone

Anticipation was building this week for the ECB to start a quantitative easing program, while a Greek exit from the eurozone re-emerged.

Jason Stipp: I'm Jason Stipp for Morningstar, and welcome to The Friday Five, Morningstar's take on five stories in the market this week.

Joining me with The Friday Five is Morningstar markets editor Jeremy Glaser.

Jeremy, thanks for being here.

Jeremy Glaser: You're welcome Jason.

Stipp: Up first this week: There has been a lot of anticipation in the market of when the ECB will act. It also seems like some folks in Washington are anticipating it.

Glaser: This has been one of the big open questions as we started 2015: When will the ECB initiate a quantitative easing program, and are they going to initiate one at all? Inflation data this week showed the problem isn't going away on its own. Europe continues to deal with potential deflation with very slow-growing economy. Mario Draghi, the president of the ECB, is trying to build a consensus among members, some of whom are resistant to the idea of quantitative easing, that this is the right path for the eurozone to take.

The Federal Reserve, according to their minutes released this week, seems to think that A) it is the right path, and B) it's one that the ECB is going to take. They mentioned that there was some concern among Federal Reserve members that Europe's slow growth was going to hurt the United States, was a potential downside risk, but they said they weren't that concerned about it. It wasn't going to change their policy path, because they expect that the ECB is going to act and that would be enough to get them out of this deflationary spot.

It's very unusual for one central bank to talk to another like that; usually they respect their autonomy very strictly. So I think the fact that this was in the minutes is a sign that they really do expect it to happen. I think the market is expecting it to happen, as well. If we don't see action at this meeting at the end of January, we could see some ramifications in the stock market.

Stipp: Speaking of Europe, Greece was back in focus again this week, with concerns that it may be leaving the eurozone again.

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