Colm Kelpie: Draghi's latest move reflects gloomy outlook for eurozone economy
IT had been hinted at for some days, so it's not entirely correct to deem yesterday's announcement from Frankfurt as a surprise. But prior to last week, further rate cuts from the European Central Bank (ECB) were all but written off.
Troubled economies had been showing signs of stabilising, the crisis enveloping the eurozone had subsided, compared to where we were 18 months ago, and the bank's main borrowing rate was at a record low.
But that was last week. This week, we saw signs that the tentative recovery may already be faltering, with the European Commission cutting its growth forecasts, coupled with negative data on retail sales.
Please sign in or register with Independent.ie for free access to Opinions.
Independent.ie Comments Facility
INM has taken the decision to remove the commenting facility on its online platform Independent.ie to minimise the legal risk to our business that arises from Ireland's draconian libel awards system.
We continue to look forward to receiving comments through direct email contact or via social media, some of which may still be featured on the website Independent.ie