More Videos:

Cramer: Keep an Eye on Europe

Tickers in this article: FXE PVH UDN UUP

NEW YORK ( TheStreet) -- Debra Borchardt: The ECB left rates unchanged. Pretty much what we expected. So Jim, are we starting to think that things are maybe stabilizing over in Europe? Last week it was all about Spain and Italy and things were getting worse again.

Jim Cramer: I don't think things are stabilizing. I think things are still bad. Now, we see some countries doing better. Scandinavia is doing better. The UK is doing better. Germany is doing better. This is a callout from Ralph Lauren (RL) . They did that last night. We've also seen it from PVH (PVH) . We've seen it from a number of companies talking about Europe not going down anymore, but Europe is still weak if you look at car sales, Europe is still weak when you look at Spanish banks.

Debra Borchardt: We were just talking about News Corp (NWSA) and Italy.

Jim Cramer: There is enough anecdotal that there is no reason why they don't take the rates down. It would shock the system. It would lower the currency. They want the currency lowered. You have this inconsistent Draghi comment saying, "Look, things can get bad, we want the currency lower." If you want the currency lower cut the rates. Get things better. Do what Bernanke did. His inconsistency is spilling over into our markets. Our markets were looking pretty good today until Draghi said there's a lot of risk here.

I was listening to Bob Rubin this morning, my old boss, and he used to be at Citi (C) . You may have plus or minus views on Rubin, but he did say that he thinks that we've gotten too complacent about Europe.

Debra Borchardt: It's been going on for years.

Jim Cramer: I know. Tell me about it.

Debra Borchardt: They've had meetings about meetings and more meetings.

Jim Cramer: So far this year it hasn't affected us, but maybe now it will. I was going back and forth with my colleague who writes for us, Matt Horween this morning. He said, "Listen, don't be complacent about Europe."

What I've been saying is, it hasn't impacted us. It hasn't impacted us. You had a big percentage move in January because it wasn't impacting us. Well, new calender month, new talk -- impacting us.

I think that the combination of the guy wanting the currency lower -- which then makes it so that we feel like, well perhaps we're going to lose our advantage because of a weaker dollar -- and not doing anything with the rates, is an unholy move and making it so that our stocks could get hammered. We were talking about flow of funds into international funds.

Debra Borchardt: Right. We've definitely seen the inflows on the equities side, much bigger . . . huge record numbers in January. I believe 65 billion. We're seeing these numbers continue into February, going into the global equity funds, which I felt was very interesting.