"The fact that the ECB kept rates on hold even after these strong downward revisions for growth and inflation in our view shows that the ECB prefers to stimulate the economy with non-standard measures and not with additional rate cuts," Brzeski wrote in a note to investors.
But while governments and banks are breathing easier, that hasn't restarted growth.
The ECB's measures are only slowing making themselves felt in the eurozone's wider economy. Some business confidence indicators are beginning to rise and the supply of money in the economy is increasing. But consumer spending sagged 1.2 percent in October, indicating fear and reluctance remain strong.
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