ECB shoots the big bazooka: 1 trillion euros, implied open-ended QE

European Central Bank President Mario Draghi pauses while addressing an ECB news conference in Frankfurt January 22, 2015.
Kai Pfaffenbach | Reuters

I wrote on Wednesday that many traders were clamoring for a much bigger European Central Bank bond buying program than the plan to purchase 500 billion euros in assets that was being discussed. Draghi said the program would be 60 billion euros a month and last at least until September 2016.

Just do the math: 60 billion x 18 months = 1.08 trillion euros.

Read More Open-ended European QE set to 'start with a bang'

Some portion of this may be previously announced buying, but the key is that Draghi made it clear that the terms were somewhat open-ended and could go on longer, "until sustained adjustment in path of inflation." Good luck with that.

It's close enough to open-ended, and close enough to the big bazooka.

Bond yields in the euro zone have dropped, the euro has weakened. However, European stock markets are up only modestly

If the goal is to weaken the euro to make it more competitive, then this program is a success at the outset.