Mario Draghi startled markets yesterday, cutting interest rates to a record low and pledging to buy hundreds of billions of euros of private sector bonds in a dramatic move to save the eurozone from economic stagnation.
The euro fell to its lowest level in more than a year – in its largest one-day decline since late-2011 at the height of the eurozone crisis – after what amounts to the European Central Bank’s last resort short of full-scale quantitative easing.
Mr Draghi, the ECB president, said this was the final rate cut as it unveiled its latest move to revive lending: policy makers will start purchasing bundles of loans, known as asset-backed securities, and covered bonds in October.
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