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ECB chief can't rule out further special monetary measures

The head of the European Central Bank has refused to rule out the introduction of further exceptional monetary measures as the Eurozone heads south towards a severe recession and possible depression. As we have seen in countries such as the UK, the interest rate tool which many have favoured over the years appears to have lost its impact and only substantial investment into the economies of the Eurozone looks like making any kind of difference.

At the same time, ECB chiefs have also been attacked for the slow speed at which they have reduced interest rates over the last few months when to many people it appeared obvious that serious trouble was ahead. However, hindsight is a wonderful thing and it is very easy to look back on recent times and criticise the actions taken by other parties.

The truth is that from day one of the credit crunch nobody quite knew what to expect, the impact on the worldwide economy and measures which could be taken to combat the effect. The most worrying aspect of the ongoing economic downturn is the fact that governments and economic experts around the world are none the wiser about how to combat what is turning into one of the largest threats to the worldwide economy in recent times.

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