Draghi catches the markets by surprise

European Central Bank president Mario Draghi has always cut something of an amused figure, as if he were party to information that no one else was. As last week’s announcement of the ECB’s quantitative easing (QE) programme has shown, quite often he

25th January, 2015

The past year has seen enormous volumes of speculation about the size and shape of the ECB’s QE plan – with feverish intensity towards the end of 2014 and start of 2015.

Every single possible permutation of quantitative easing seemed to have been explored and debated, and every single facet of the tricky relationship between the European Central Bank and the powerful German Bundesbank seemed to have been teased out.

As last week began, plenty...

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