It has taken far too long for the European Central Bank to embark on quantitative easing but its belated action is no less welcome. On Thursday, Mario Draghiannounced that the ECB will purchase €60bn per month of eurozone bonds up to the end of 2016 to fight off incipient signs of deflation.
Mr Draghi faced a daunting challenge in meeting expectations of a monetary boost that have grown all year. Thursday’s initial market response is that he did not disappoint. At the time of writing, the euro has weakened significantly against other major currencies.
There is no doubt that Mr Draghi needed to act. Growth and underlying inflation have been relentlessly weak, providing clear evidence that demand in the eurozone is faltering.
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