European Central Bank: Subterranean
The European Central Bank announced an expanded asset purchase programme at its meeting on 22 January 2015. The size of the programme and that it was open-ended beat market expectations and shows the ECB is determined to fight against the prevailing force of deflation and to raise inflation expectations.
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- The size of the programme and that it was open-ended beat market expectations and shows the ECB is determined to fight against the prevailing force of deflation and to raise inflation expectations.
- After disappointing financial markets over recent years, the ECB has delivered a policy that could draw a line in the sand and ‘buy time’ for governments to make all important structural reforms to boost the growth outlook for the eurozone.
- While the decision wasn’t unanimous, there was unanimity that this programme was a true monetary policy tool to protect against future legal challenges.
- Further policy easing still cannot be ruled out and will depend on moves in inflation expectations from here.
- ECB easing must be seen in context of other easings by major central banks; Swiss National Bank, the Danish Central Bank and Bank of Canada.
- Markets have responded in a positive way to the latest ECB meeting. It is expected the general trend for a lower euro and tighter bond spreads remains in place for longer.
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