Exegesis is defined as a critical explanation or interpretation of a text, often a biblical one. The word itself was derived from the Greek term meaning to 'lead out'. Both the definition and term are applicable concepts in regards to the European debt crisis. Everyone wants to be led out of this nightmare. Although leadership from a market perspective has been sorely lacking, as an effective policy governed by legal tenets in combination with a definitive rubric for the members of the common currency has not been crafted--market reaction serves as the grade for that leadership. Two of the key leaders in the euro drama, Jens Weidmann and Angela Merkel, have attempted to proselytize to member countries and the markets repeatedly. They have outlined their interpretations of the financial exegesis of the European Central Bank's (ECB's) mandate with a fervor that borders upon religious zeal--these interpretations call for no easing. This is not the message that the markets wish to hear.
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