ECB starts 1 trillion euros plan to revive euro economyStaff writer ▼ | January 22, 2015
The European Central Bank launched a government bond-buying program which will pump hundreds of billions in new money into a euro zone economy.
Ambitious plan European shares hit seven-year highs
Together with existing schemes to buy private debt and funnel hundreds of billions of euros in cheap loans to banks, the new quantitative easing program will release 60 billion euros ($68 billion) a month into the economy, ECB President Mario Draghi said.
By September next year, more than 1 trillion euros will have been created under quantitative easing, the ECB's last remaining major policy option for reviving economic growth and warding off deflation. The flood of money impressed markets: the euro fell more than two U.S. cents to $1.14108 on the announcement, and European shares hit seven-year highs. ■