I forgot to mention that it has already been time to set up the pair trading strategies mentioned since last year

Too busy. Set it up until the Fed or China step in with large amount of stimulus. The ECB is probably on tight German leash right now after two LTROs. The deposits are flying the PIIGS countries, especially Greece. This happens every time EZ is under stress, and cannot be solved by LTROs. It will reach the point that one by one the silent bank run will make PIIGS countries being much better off to be out of the zone.