ECB actions must not lead to less reform efforts from Member States

Following the announcement today by the European Central Bank of a sovereign bond-purchasing programme, Markus J. Beyrer commented: 'The actions by the ECB today are understandable, given that inflation remains well below target. Set alongside the more flexible interpretation of the Stability and Growth Pact the Commission has adopted as well as lower oil prices and euro exchange rate, we now have a macroeconomic environment much more supportive of growth, at least in the short term, than it has been in recent times.'