Mario Draghi, President of the European Central Bank, announced it would keep its lending rate at zero per cent and extend its ongoing bond-buying scheme but reduce the scope from 60 billion euro to 30 billion euro as part of its monthly quantitative easing programme. The new policy is to take effect as of January. Photo: EPA Mario Draghi, President of the European Central Bank, announced it would keep its lending rate at zero per cent and extend its ongoing bond-buying scheme but reduce the scope from 60 billion euro to 30 billion euro as part of its monthly quantitative easing programme. The new policy is to take effect as of January. Photo: EPA
Mario Draghi, President of the European Central Bank, announced it would keep its lending rate at zero per cent and extend its ongoing bond-buying scheme but reduce the scope from 60 billion euro to 30 billion euro as part of its monthly quantitative easing programme. The new policy is to take effect as of January. Photo: EPA
David Brown
Opinion

Opinion

Macroscope by David Brown

Central banks have issued their ‘amber alert’

‘The trouble is the central banks are between a rock and a hard place and being driven into action for the sake of being seen to be in control’

David Brown
David Brown

Updated: 2:55pm, 20 Jul, 2018

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Mario Draghi, President of the European Central Bank, announced it would keep its lending rate at zero per cent and extend its ongoing bond-buying scheme but reduce the scope from 60 billion euro to 30 billion euro as part of its monthly quantitative easing programme. The new policy is to take effect as of January. Photo: EPA Mario Draghi, President of the European Central Bank, announced it would keep its lending rate at zero per cent and extend its ongoing bond-buying scheme but reduce the scope from 60 billion euro to 30 billion euro as part of its monthly quantitative easing programme. The new policy is to take effect as of January. Photo: EPA
Mario Draghi, President of the European Central Bank, announced it would keep its lending rate at zero per cent and extend its ongoing bond-buying scheme but reduce the scope from 60 billion euro to 30 billion euro as part of its monthly quantitative easing programme. The new policy is to take effect as of January. Photo: EPA
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David Brown

David Brown

David Brown is the chief executive of New View Economics. Over a career spanning four decades in London, David held roles as chief economist in a number of international investment banks.