But despite the disappointing news from ECB President Mario Draghi, Riverfront Investment Group Chairman and CIO Michael Jones, tells CNBC's "Power Lunch" on Thursday he is bullish on Europe.
"We believe the ECB will deliver on all policy levers and 2015 will end with a 'Santa Claus' rally led by Europe, followed by Japan. If the ECB delivers on at least half of the hoped for stimulus, we close the year volatile but largely unchanged," Jones said.
He is overweight Europe and Japan. "The ECB has plenty of capacity to keep stimulating and European companies won't face the wage pressures seen in the U.S. for a long, long time. Japan is in the opening innings of a construction/capital replacement cycle that is powered by 20 years of deferred expenditures," Jones said.
The pan-European STOXX 600 closed 3 percent lower, while the Nikkei closed higher.