It might have been an uncharacteristically nervy Mario Draghi in front of the cameras in Frankfurt last month, but the ECB (European Central Bank) President has made some of his shrewdest moves to date.
Staring in the face of a strong euro, growth-sapping deflation and stubbornly high employment, the central bank chief had to contend with claims he was operating with a "peashooter." But up stepped the Italian with a back-to-basics approach and wrong-footed global markets with his new breed of "credit-easing" tactics amid a flurry of aggressive monetary policy.
Akin to the sort of "helicopter money" some were expecting, his new targeted long-term refinancing operations, or TLTRO II, was effectively giving free money to the banks to lend to the real economy.
Frederik Ducrozet, a euro zone economist with private Swiss-bank Pictet expects it to lower bank funding costs, mitigate the adverse consequences of negative rates, strengthen the ECB's forward guidance and improve the transmission of monetary policy.