To save its economy by stimulating it through a bond-buying program for 18 months, European Central Bank’s Mario Draghi is proud to say that the new measure is showing positive signs.
Because of the low oil prices in the market, the bloc only needed improved government policies and the stimulus program.
The program, which started a month ago, has gone well. Meanwhile, ECB President Draghi’s news conference didn’t go smoothly as a young woman had scattered papers and confetti in the newsroom and shouted “end ECB dictatorship before security had subdued her.
According to the bank, the woman had masqueraded as a journalist before she was able to enter the bank’s newsroom.
Meanwhile, economists advise the ECB to start planning on minimising its purchases.
German Insurer Allianz had called on the ECB to establish benchmarks on bond-buying to avoid negative side effects.
However, Draghi said that it was too early for the ECB to think about having an “escape plan” should anything happen during the bond buying.
He stressed that the ECB was only a month into the program and described it as running a marathon and asking one’s self to quit or continue after finishing one kilometre.
The bond-buying had eased government borrowing growth. Along with low oil prices, the stimulus had taken full effect.
However, Draghi stresses that Greece’s economic situation would be the downfall of the Euro zone’s recovery plan.