The ECB’s big bazooka has misfired: it’s time for full-scale QE

There was no shortage of determination. Nor was there any lack of will.

When the European Central Bank (ECB) unveiled a raft of measures last month designed to head off deflation and lift the eurozone out of recession, it was its most determined effort yet to launch the kind of monetary activism that has worked for its counterparts in America, Japan, and the UK.

It cut interest rates, introduced a funding scheme for small companies, and took the almost unheard of step of introducing negative interest rates for the banks. Many saw this as throwing the kitchen sink at the [...]

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