The European Central Bank launched a €60bn-a-month bond-buying programme that was far bigger than investors had expected, in its long-awaited bid to revitalise the eurozone economy and counter deflation.
Mario Draghi, ECB president, said that the bank would buy more than €1tn in assets, including government and private sector bonds by September next year — and could extend the programme — in an attempt to raise eurozone inflation to its target of just below
2 per cent. “Expectations work only if there is a certain credibility,” he said at the bank’s Frankfurt headquarters. “Today we are showing that that credibility is deserved.”
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