Supplies of monetary methadone will continue

The ECB's decision on QE illustrates the dilemma facing central banks across the world

ECB president Mario Draghi at Thursday's press conference in Frankfurt. Pic: Getty

Two headlines that followedthe ECB’s Governing Council decision yesterday perfectly sum up the central bank’s predicament. “Draghi refuses to call end to ECB crisis measures”, said the Financial Times. Within minutes, the Wall Street Journal piped up with “ECB sets out plan to pare back stimulus”.

Confused? You shouldn’t be: in the world crafted out of unorthodox monetary policies of the last eight years by the central bankers, more QE can be less ...