It appears 2015 is getting off to a rocky start for the global economy with a falling euro, falling oil prices and now falling stock markets. 

Louise Cooper, analyst at Cooper City, said the reason the euro is taking a pounding is that people expect Mario Draghi to engage in full blown quantitative easing in the coming months. "It's taken Europe some time to catch up on this front. We saw inflation numbers from Germany teetering on the brink of deflation. There are concerns now that euro zone inflation could show a negative print. And then there's the snap election on January 25. That's why the euro is falling."

Before the Greek elections, the ECB is scheduled to meet on January 22. Asked if the ECB was likely to commit to full blown QE three days out from such an important election, Louise Cooper said she expected some noncommittal language from Draghi. 
"The ECB is supposed to be independent and not influenced by politics. If they commit to full scale QE a few days out from an election, could that potentially be perceived as saving Greece from a 'Grexit'? It's likely that on January 22, he'll indicate that QE is coming but not necessarily straight away," she said.

Ms Cooper said Europe was coming to QE late in the day, largely because it had been legally constrained by the influence of the German Central Bank. "There is concern that the ECB has left it too late. The US started it in 2008. QE is best done as a surprise, as a big hit to markets when they are collapsing. This is too little, too late," she concluded.

MORNING BRIEFS -  One safe haven asset class that appears to be benefiting from the euro's woes is government debt. The NTMA is taking advantage of that situation with the issuance of a seven year bond, possibly as soon as today. The agency is  seeking to borrow between €3-4 billion - the interest rate payable is expected to be under 1%. The agency is fully funded for 2015 but has said it plans to issue between €12-15 billion in long term bonds this year. Michael Noonan has said we will pay back another €9 billion in IMF loans this year having paid back €9 billion in December.

*** Aer Lingus carried over 11 million passengers in 2014 - a record outcome for the airline. The figure is up over 3% on the previous year's figure. The airline recently rejected a takeover approach from International Airlines Group which has sent its share price higher in recent weeks.

*** Oil giant Shell has agreed to pay out €84m in compensation for two oils spills in the Niger Delta in 2008 and 2009. 16,000 fishermen are to receive $3,300 each, and the remaining $30m will be distributed to the wider community.