The European Central Bank said it likely won’t start rolling back its liquidity programme until the fall, and even hinted it would ramp up its quantitative easing if the economy deteriorates. Still, stocks in Europe are showing some serious wear and tear. Investors may be in for a rough ride, Barron's reports.

A good deal of Europe’s stock weakness is attributable to the strong euro, making it harder for exporting companies to compete overseas. Yet low interest rates and gobs of liquidity have trumped the currency effects since the 2008 financial crisis. That’s a lot of market memory to overcome. And it suggests conditions in Europe are not as strong as advertised, despite ECB chief Mario Draghi’s comments last week that there were signs of “unquestionable improvement”.