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ECB launches 1 trillion euro rescue plan to revive euro economy

European Central Bank President Mario Draghi arrives for ECB news conference in Frankfurt  ECB launches 1 trillion euro rescue plan to revive euro economy 2015 01 22T135525Z 1 LYNXMPEB0L0OX RTROPTP 2 ECB POLICYBy Jonathan Gould and John O'Donnell FRANKFURT (Reuters) – The European Central Bank took the ultimate policy leap on Thursday, launching a government bond-buying programme which will pump hundreds of billions in new money into a sagging euro zone economy. The ECB said it would purchase sovereign debt from this March until the end of September 2016, despite opposition from Germany's Bundesbank and concerns in Berlin that it could allow spendthrift countries to slacken economic reforms. Together with existing schemes to buy private debt and funnel hundreds of billions of euros in cheap loans to banks, the new quantitative easing programme will release 60 billion euros ($68 billion) a month into the economy, ECB President Mario Draghi said. By September next year, more than 1 trillion euros will have been created under quantitative easing, the ECB's last remaining major policy option for reviving economic growth and warding off deflation.


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