By Stelios Orphanides
While the European Central Bank’s purchasing programme may have deficiencies that water down its effectiveness where it is most needed, it is still an “important step” forward, an academic economist said.
“The ECB has taken an important step towards becoming a regular central bank,” Sofronis Clerides who teaches economics at the University of Cyprus said in an emailed interview. “The programme ticks most of the right boxes. It is large, it is open-ended, it allows countries like Cyprus and Greece to participate”.