Hopes that the European Central Bank will resort to a full-scale programme of government bond purchases rose yesterday after a poor take-up of cheap ECB cash sparked fresh doubts about policy makers’ efforts to stave off stagnation.
The bank injected €129.8bn into the eurozone’s banking system through another offer of four-year loans, but the figure missed all but the most modest of market expectations.
The ECB plans to swell its balance sheet by €1tn to a level last seen in 2012, as part of efforts to lift inflation and boost growth in the eurozone. Prices rose by 0.3 per cent in the year to November, raising fears that the region could be heading for a prolonged period of Japan-style stagnation.
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