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Mr Draghi said the ECB's commitment to buy bundles of bank debt, known as asset backed securities (ABS), and offer cheap loans to banks in order to stimulate lending was the correct first course of action in an environment where borrowing costs are already very low.  "When you reach the lower bound you only have one instrument. It’s very clear that if we are going to go down this route [of QE], we have a spectrum of interest rates and spreads which is already very low. That’s why we started with addressing flows in the private sector, because we believe flows will directly affect private lending."

Mr Draghi has said he intends to steer the size of the ECB’s balance sheet back to the levels seen at the start of 2012, indicating an increase in assets of as much as €1 trillion (£800m). ,,,The euro is not a currency. It is a political project with political goals and intent, to show the world that the nations of Europe can exist with one currency. Well that's proved hogwash. They are disparate, divided countries. Trade amongst them, remove sales tariffs, but don't pretend they can function as one entity. Bank bailouts were forbidden by the treaty of Rome, I believe.

If that treaty is void, what else are they ignoring that they created to bind them? Oh, that's right. Nothing, because Lisbon made all treaty self amending - they can change it without our permission or consent. Such is the dream of demented communists, socialists and troughers who have no interest aside form lining their own pockets with tax payers cash.Just exactly what deflation index is so horrifying a prospect for the economy? I don't see school fees dropping; medical expenses and insurance defy gravity; I don't see car prices falling; my risk insurance premiums only go up; electricity, rates and taxes levitate on their own; housing, thanks to large doses of money printing, is more expensive and rents are being urged higher...so what is the crucial expenditure that I am going to defer because prices are falling, damaging the economy beyond repair? It sure as hell isn't these bulge bracket "non-discretionary" items in the average monthly basket. I suppose the spotty gurus in the banks think that because food, clothing, TV screens and cell phones are falling in price, we are all going to wander around wretchedly skinny, naked and suffering withdrawal symptoms from being TVandCellphoneless, while we wait for a bargain? So let's get real...it is not about deflation, certainly not of anything measured by CPI indices...it is about zombie banks and zombie assets, so why not ask the geniuses poring over the CPI figures to publish a pricing index of what they are really wanting to watch?,,,hmmm...They are more worried about pension funds having to accept write off of their government debt.. Which will be coming if deflation sets in. Debt will rise as a percentage of GDP and as incomes drop then the debt is less affordable... Also I would like to point out here that everyone who seems to think that falling prices are a good thing are as dumb as a box of rocks....If there is deflation and prices are falling do you not think that salaries will fall too?? How are businesses that get less for their product going to carry on paying the same wages??