The European Central Bank is getting ready to announce details of the unprecedented programme of government bond-buying it hopes will lift the bloc out of recession and a vortex of falling prices.
Convening in Cyprus on Thursday, President Mario Draghi and his 25-member governing council will be signing-off on plans to purchase €60bn-a-month in government and private sector assets first announced in January.
The move came after the ECB president fought a protracted struggle with the eurozone’s creditor bloc to unleash a wave of stimulus and rescue the bloc from deflation.
Thursday’s meeting of the ECB is expected to iron out a number of the technicalities involved in the package, such as the proportion of risk which will be shared by the eurozone’s national central banks and the ECB.
ECB board member Benoît Cœuré has hinted the bond-buying is likely continue past the initial 18-month period.
Full article: European Central Bank gets ready to unleash €1.1 trillion QE blitz (The Telegraph)