It’s all about the V-word, apparently. That’s a nod not to Winston Churchill, but a rather different character – namely Mario Draghi, President of the European Central Bank. It would appear a eurozone quantitative easing program running to €1,100bn (£795bn) isn’t enough. Having churned-out €60bn of virtually-printed money a month since March, and committed to maintaining that pace until September 2016, Draghi has now signaled there’s likely to be even more.
“The degree of monetary policy accommodation will need to be re-examined at our December meeting,” he said last week, following the latest gathering of the central bank’s Governing Council in Malta. The “size, duration or composition” of eurozone QE could be adjusted, Draghi continued, with the monthly amounts getting bigger or the schedule extending into 2017 and beyond.