($EURUSD) Trichet is keen to draw a distinction between monetary policy proper (interest rates) and its emergency liquidity provisions, but he is criticized for blurring the distinction between monetary and fiscal policy.  Bernanke seems more cognizant of the limitations of monetary policy to repair the economy. 
Some parts of Obama’s jobs bill will be approved by Congress.  However, it may be scaled back in its final form.   Still the lines are drawn.  The US will pursue more stimulus, though it is growing faster than Europe.   The dollar and US asset markets are poised to be significant beneficiaries of this stark contrast.-M.Chandler