What has the ECB done for us?

On the face of it, the new policy measures unveiled by the European Central Bank (ECB) last week should have positive effects on the UK’s principal trading partner and hence on the UK’s own growth prospects.

But aside from doubts over the effectiveness of the measures, the very fact that the euro-zone is in a weak enough state to warrant such action – and probably much more – is a timely reminder to UK policymakers not to bank on a strong external environment.