The intent is to make credit easily available, on the assumption that with interest rates at near-zero, anyone can borrow and invest, thus boosting the economy.
But that doesn't mean just anybody can access that money. Banks and financial institutions and people so rich that lenders are sure they'll pay the money back can get their hands on it. In fact, the prospect of all that money pouring into the economy sent European and even global asset prices shooting higher on the expectation that all that easy credit would be competing for a limited number of assets.
For Mario Draghi, making money free (even freer?) seems like a move of desperation. He is terrified of deflation and almost frantic in his desire to restart investment in the European economy, which is still weak and tearing at the seams from the credit crunch of 2008.
This post was published at CBC News