ECB to inject €1.1 trillion into eurozone economy
The European Central Bank (ECB) has announced it will inject at least €1.1 trillion into the eurozone economy. The huge cash buy up of government debt pushed the pound to a six-year high against the euro.
Mario Draghi, president of the European Central Bank, announced €60bn (£46bn) a month will be pumped into its financial markets until September 2016, in a bid to stimulate spending, boost inflation and encourage growth.
During his press conference Mr Draghi said: “In March 2015 the Eurosystem will start to purchase euro-denominated investment-grade securities issued by euro area governments and agencies and European institutions in the secondary market.”
The ECB has already kept its main interest rate unchanged at 0.05%.
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