The raft of stimulus measures launched by Mario Draghi, President of European Central Bank, sent markets fluctuating wildly on Thursday but, since then, has left critics still wanting more -- and questioning whether the actions will actually help the real euro zone economy.
As the afternoon progressed in Europe and Draghi painstakingly detailed each individual measure to a packed press conference in Frankfurt, it didn't take long for doubt to creep into the minds of some economists. Could Draghi's long-promised "bazooka" to ward off the threat of deflation and add some momentum to the economic recovery be firing blanks?
Danny Blanchflower, an ex-member of the Bank of England's Monetary Policy Committee (MPC), was the most vocal saying on social media site Twitter that he was "underwhelmed" and called the actions a "feather duster" in the face of deflation fears.
"(It's) reasonable to conclude from today's actions that (the) ECB admits policy has been wrong all along and they should have put in stimulus five years ago," he said.
With inflation at 0.5 percent in the euro zone, unemployment at 11.7 percent and bank lending failing to trickle into the wider economy, the central bank delivered one of its most comprehensive packages to date. The interest rate and deposit rates were cut, preparations were under way to purchase asset-backed securities, new cheap loans will be made to banks and the ECB would cease "sterilizing" its past purchases of sovereign bonds.