Draghi's dose of QE won’t be enough to save the European patient

The eurozone economy won’t get back on its feet until fiscal policy starts working in conjunction with monetary policy.

It should have happened years ago -- and it should have been more aggressive -- but the European Central Bank has finally announced that it will begin buying hundreds of billions of euros worth of government bonds in an attempt to pull the eurozone out of its economic misery.

Overnight the ECB president Mario Draghi announced an expanded asset purchasing program, encompassing the existing purchase program that covered asset-backed securities and bonds, to the tune of €60 billion per month.

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