Euro QE is here
(Image credit: iStock)

The European economy is in an epic depression. With industrial production stagnant, mass unemployment showing no signs of abating, and inflation on a severely downward trend, economists such as The New York Times' Paul Krugman are concerned that Europe is becoming like Japan, the former second-largest economy in the world, which has spent more than 20 years in a deflationary depression.

But now the European Central Bank — which has a mandate of 2 percent inflation per year, something that even with interest rates close to zero it has not been achieving — is finally going to do something about it.

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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.