Government encourages ECB’s quantitative easing

Initiatives

The Hungarian Ministry of Economy welcomed yesterday's announcement by European Central Bank chairman Mario Draghi that there would be quantitave easing program beginning in March.

The program, which includes the purchase of euro-denominated assets for €60 bln a month by the ECB until the 2% inflation target is met, but at least until Q4 2016, is designed to stimulate the European economy.

The Ministry of the Economy said it expects that, with the increased demand for euro treasury bonds, the yield of other non-euro assets from the European Union will also fall, leaving more room for economic development and job creation. The euro weakened against the dollar and the forint, while yields of fixed-income assets fell after the ECB’s announcement.  

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