Our measures did not have an immediate impact – which was not to be expected – and both inflation and inflation expectations continued to fall initially. In the light of this, and following intensive discussions, the Governing Council decided in January 2015 to launch an asset purchase programme, also known as “quantitative easing”.
To make the economy grow and grow sustainably, we need to reform. The key word in this regard is reforms. This is a word that is sometimes viewed with scepticism. All sorts of thoughts preoccupy the mind at the mention of reform, most common of which is that people will lose their jobs. Whilst this is understandable, we need to dismiss this myth.