Central banks are on the losing side of government pacts

Markets toasted European Central Bank (ECB) president Mario Draghi’s much anticipated announcement on January 22 that he was pressing ahead with a European government-bond buying programme. This will result in the Eurosystem (the national central banks of the eurozone plus the ECB) purchasing a combination of public and private assets worth €60 billion ($68 billion) a month until September 2016.

Officially, the Eurosystem’s actions can now be termed ‘quantitative easing’ (QE) rather than ‘credit

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