These days the president of the European Central Bank (BCE) Mario Draghi decided to reduce interest rates at historical records 0.0%.
Also the president Draghi has decided to increase the quantitative easing (purchase of government bonds of EU countries by the BCE) to 80 billion Euros per month.
These measures are the result of the continuing European economic stagnation, with consequences that are also reflecting on the economies of individual member countries.
With this approach, the BCE is trying to further increase the liquidity revenue within the European Union trying in this way to channel this liquidity to households and businesses.
This will result in an increase in consumption over the medium / long run resulting in higher prices and inflation throughout the euro area.
Draghi stated that rates will remain at these levels for a while ‘time (at least until 2017) or even continue to decline in order to support the European economy.
In the opinion of the writer that operation had to be implemented as early as 2008/2009 that began when the global economic crisis.
In fact, if this had happened to time already today we passed the economic crisis with positive repercussions on all euro area countries.
However, the road taken seems to be the right one and the future we hope will lead eventually a situation of growth and prosperity.
DR. ALESSANDRO PIGNATELLI
opinioneeconomia 