Eurozone quantitative easing: Draghi says majority was “so large that we didn’t need to take a vote”
Such was the level of agreement on the board at the European Central Bank (ECB) regarding the new €1.1tn (£840bn) quantitative easing programme, that there was no need to take a vote.
Mario Draghi, president of the ECB, said in the usual post-meeting press conference that there was a good discussion between members over the timing of QE and that not all present were in strict agreement. There was such a clear majority however, that the £60bn a month bond-buying programme was passed without problem – and without a formal vote.
There was a large majority on the need to trigger it now. So large that we didn't need to take a vote.
The board all agreed, Draghi said, that "the asset purchase programme is a true monetary policy tool in a legal sense" and that the differences arose regarding whether Quantititative Easing was being unleashed at the correct time.
It may have been plain sailing today in the decision making stakes but the decision is likely to rub Berlin up the wrong way: Angela Merkel’s government views QE as tantamount to a bailout for what are viewed as the profligate southern countries.