ECB unveils QE plans to stimulate Eurozone economy

President of ECB, Mario Draghi announced that he will inject €1.1 trillion, €60 billion, into the Eurozone economy until the end of September 2016, and possibly beyond in what is known as Quantitative Easing (QE).

Draghi said that the program will start in March and that it is a bid to stimulate spending in the ailing Eurozone.

Figures published earlier this month showed that the Eurozone was going through deflation, which created the danger that businesses and consumers stopped spending and economic growth stalling as a result.

Draghi said the programme would be conducted "until we see a sustained adjustment in the path of inflation", which the ECB has promised to maintain at close to 2%.

The value of the euro fell following Draghi's announcement, falling by more than a cent against the US dollar to $1.1472.