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ECB announces QE policy of €60bn a month

The European Central Bank has announced a programme of quantitative easing to the tune of €60bn (£45bn) a month until the end of September 2016, or beyond, to fight deflation in the eurozone.

Announcing the policy last week, ECB president Mario Draghi said the programme of buying euro-denominated investment grade securities will continue until there is a “sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below, but close to, 2 per cent over the medium term”.

The eurozone fell into deflation in December after CPI in the single-currency area was -0.2 per cent, having stood at 0.3 per cent in November. 

Draghi said this decline mainly reflects a sharp fall in energy price inflation and, to a lesser extent, a fall in the annual rate of change in food prices.”

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