It was the most dramatic move in ECB history: a 13-figure gamble...

It was the most dramatic move in ECB history: a 13-figure gamble... View Gallery
Stephen Kinsella.

We will have healthier sovereign banks and healthier corporates. Households won’t feel the QE love, but you can't have everything

It was like The Late Late Toy Show for monetary policy geeks – but with a bit of 1980s Wall Street thrown in as well.

Having leaked the fact that the ECB would begin asset purchases of around €50 billion for 18 months to restore inflation to the flagging eurozone, ECB president Mario Draghi then announced €60 billion-worth of purchases until at least September 2016.

An old hand I spoke to right after the announcement found it hilarious. It was,...

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