The ECB also announced new loans to banks today. The targeted longer-term refinancing operations (TLTROs), cheap loans to banks in return for boosting credit to households and businesses, will begin in September and last until March 2021.

Even with these new measures in place, things aren’t looking up. “The risks surrounding the euro area growth outlook are still tilted to the downside,” Draghi said at a press conference today, “on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionism, and vulnerabilities in emerging markets.”

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