In January, European Central Bank (ECB) President Christine Lagarde held her second interest rate setting meeting. The results of the meeting were a foregone conclusion. As was widely expected, the ECB left its refinancing and deposit rates unchanged at 0.0 per cent and -0.5 per cent respectively. The ECB also continued its coupon and reinvestment programme from its existing stock of assets and continued with its recent QE programme, which purchases €20 billion of eurozone government bonds every month. The tone and content of Lagarde’s subsequent press conference was exactly the same as the previous meeting. Eurozone growth is low,…

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