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Serious deflation risks in the euro zone mean it is no longer a question of if, but when the ECB will purchase sovereign bonds at least among many of those who are paid to forecast policy.In a Reuters poll conducted last week, economists had already placed cautious bets on the ECB buying government bonds with the consensus pointing to cheap Ferragamo Shoes just even chances, owing mainly to unwavering opposition from Germany.At a press conference after the bank policy meeting on Thursday, ECB President Mario Draghi was careful to skirt a question that aimed to pin down the timing of a QE programme.You are in a very intelligent way trying to extract from me the date of next decisions, and you won get it. Means it doesn mean the next meeting, it depends very much on how our assessment will go.But there is very little on the horizon to change the outlook for the euro zone economy, which the ECB staff forecasts downgraded again. There is also little that shows an imminent change to German opposition to QE.Euro zone inflation is less than a quarter of the ECB 2 percent target, well into what the bank terms the zone, and will almost certainly tumble to zero or lower owing to a nearly 40 percent plunge in oil prices.Growth also is stalling, with the real risk of further contraction early in 2015.For now, Draghi appears to be more worried about the fall in inflation than a potential consumer spending driven boost from dramatically cheaper oil.
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