Here’s why the ECB’s surprise policy move is sending shivers through global stock markets
While analysts had expected the ECB president to strike a dovish tone, policy makers went much further than anticipated.
Of course, investors knew the eurozone economic outlook was nothing to write home about. Data began deteriorating last year. And while the most recent figures have shown some early signs of stabilization, economic figures have been lackluster so far in 2019. Draghi, in January, acknowledged that risks to the eurozone’s economic outlook had moved from “broadly balanced” to tilted to the downside.
So why not this time? Blame the world, at least in part, Draghi said in his opening statement, citing “the persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets.” Uncertainty around Brexit and concerns surrounding emerging markets have also been factors, Draghi said.
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