How much worse does it have to get? He talks big but does very little:
The European Central Bank is ready to pump up to €1tn (£782bn) of fresh stimulus into the flagging eurozone economy to ward off a dangerous deflationary spiral, Mario Draghi has signalled.
Draghi, the ECB’s president, said on Thursday that the bank’s governing council was unanimously willing to announce more unconventional measures, signalling the possibility of creating electronic money – or quantitative easing – should a deteriorating economy make it necessary.
Speaking in Frankfurt, he said: “Should it become necessary to further address risks of too prolonged a period of low inflation, the governing council is unanimous in its commitment to using additional unconventional instruments within its mandate. “The governing council has tasked ECB staff and the relevant eurosystem committees with ensuring the timely preparation of further measures to be implemented, if needed.”