As you know, I am sceptical about this decision. I thought that there was no urgent need for this measure – not least because government bond purchases are not a monetary policy instrument like our policy rates, for instance.
BIS central bankers’ speeches  7  It is true that inflation in the euro area has been very low for quite some time now, and the outlook for inflation is weak. However, the low level of inflation is mainly due to sharply falling energy prices, notably the plummeting oil price. This should not be confused with a selfreinforcing deflation and its negative consequences.