Kames' Milburn: Draghi's MOT may make Europe roadworthy

Kames Capital's Phil Milburn has predicted the European Central Bank will once again fall short of producing a "panacea" for the eurozone debt crisis later today but said the steps expected to be taken are more positive.

The manager of the £542m Kames Strategic Bond said pre-speech leaks mean investors should not have high expectations despite Mario Draghi pledging to do "whatever it takes" to save the euro in July. "Nobody should expect unconditional support from the ECB for the peripheral countries. If they did, it will mean they will no longer be able to wave a big stick at the peripherals to get them to get into fiscal order." Instead, Milburn expects the ECB to follow its familiar pattern of taking "three steps forward and two steps back", offering little in the way of a long-term solution. "T...