Mario Draghi: Monetary Policy Is Not Sufficient

Summary

At its meeting last Thursday, the European Central Bank (ECB) launched a comprehensive package of easing measures, as Draghi had—for all intents and purposes—been signaling over recent months (in his speech at Sintra and, most significantly, at July's monetary policy meeting).

Key points

• Key points:
• Some of the institution's members had recently questioned the need to expand the asset purchase program (APP), and it was unclear as to whether or not they would be included in the package.
• Similarly, many analysts had disputed the relevance of such purchases; in a recent survey, an overwhelming majority expected a decision similar to the one made last week, but almost the same percentage believed that it would not be an effective one.

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