In a very desperate move the ECB joined the ranks of the BOJ, the Federal Reserve, and the BOE in full on quantitative easing as they too become a lender of last resort.
Of course this will not work, as you cannot fix any debt problem by adding monumentally more debt onto the issue which is debt itself.
This move by the ECB has now pushed the Euro to a multi-year low, and the global currency wars have now entered a new phase.
Any talks of the Federal Reserve raising rates anytime soon should now be met with laughter. We can now rest assured that the Federal Reserve will not be raising rates, but will soon begin to print more cash out of thin air than ever before to “compete” in this new phase of the war on currencies from within.