ECB moves highlight stark economic realities

Back in July 2012 the president of the ECB, Mario Draghi, promised the world that he would do whatever was needed to solve the crisis in the eurozone and get economic growth back on track.

Last week, the ECB took the latest step in delivering on that promise.

It cut its official lending rate from 0.25% to 0.15%; it cut the rate of interest that it pays commercial banks who place excess reserves and deposits with it to a negative 0.1% and it announced that it will conduct targeted longer-term refinancing operations (LTROs).