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| ECB reaches first-month spending goal for quantitative easing |
| ECB, 08.04.2015 |
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| The European Central Bank has reached its first monthly target of buying up billions in government and private sector bonds. The "quantitative easing" program is meant to stimulate the economy and ward off deflation.
In the first stage of a trillion-euro effort which is currently set to continue until at least September next year, the European Central Bank (ECB) said it had met its monthly goal of buying some 60 billion euros ($65 billion) worth of government and corporate debt with freshly-minted money.
Since launching its trillion-euro economic stimulus program on March 9, the chief monetary authority for the 19 countries which use the euro currency said it had bought 52.52 billion euros in bonds issued by EU governments or euro-area institutions up until April 3, and purchased additional private sector bonds to reach its 60-billion-euro goal.
The initiative, called Quantitative Easing or QE, involves pumping euros into the economy - effectively freshly-printed money - in an effort to combat deflation and boost growth in the economy. The ECB asserts that its program should make credit easier to access, thereby increasing possibilities for growth, innovation and job creation.
"With the first month of its expanded asset purchase program complete, the ECB can look back at a success," Berenberg bank economist Christian Schulz told news agency AFP. "This strong implementation, especially given that the ECB only started the sovereign purchases on March 9, should dispel fears that the ECB will not find enough sellers for its purchases."
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