The chief economist of the Institute of Directors has described the ECB's decision to enter secondary bond markets as a "game changer."
Graeme Leach said:
The ECB's decision to enter secondary bond markets could be the game changer the IoD has long argued for.
But there's a hitch. ECB action is conditional and depends on countries such as Spain signing up for even more austerity.
The key question is whether more austerity is politically possible with 25 per cent headline and 50 per cent youth unemployment
Mario Draghi has proposed a means of tackling the immediate problem in Europe but it’s up to politicians to come up with long term solutions
It is not the ‘big bazooka’ that David Cameron has been urging them to unleash, but it’s the heaviest calibre ammunition deployed so far.