Mario Draghi’s announcement last month in Sintra, Portugal, took even his closest advisers by surprise. The president of the European Central Bank said that unless there were improvements in the eurozone’s inflation outlook there would be a fresh round of monetary stimulus — and possibly a reactivation of the bond-buying programme.
Mr Draghi had kept his cards close to his chest because he wanted to make a big splash, both in the markets and public opinion. In this he surely succeeded.
But the big question now is whether the increased stimulus should be done through a cut in interest rates or a fresh expansion of bond purchases, known as quantitative easing.
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