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Mario Draghi, the President of the European Central Bank, has just announced that the ECB will launch a programme of Quantitative Easing amounting to 60bn per month, starting in March, and continuing until September 2016. The bank will maintain its programme of QE, said Draghi, until there was a: “Sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates of 2 per cent.”

Low interest rates and weak economic performance in the Eurozone and Europe more generally have brought the ECB to this decision. The ECB cannot reduce its interest rates any further…

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