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ECB launches an expanded asset-purchase programme

On 22 January 2015 the ECB announced expanded asset purchases. In the causal graph this event strengthens the driver Income Inequality.

ECB launches an expanded asset-purchase programme

Sources: [1][2]

Read the full account

On 22 January 2015 the ECB announced expanded asset purchases. QE lowered yields and supported credit. It also lifted asset prices. Mixed effects are split.

Who was responsible

Contribution type and responsibility level for each recorded actor — not sole-author shorthand.

  • Mario Draghi

    Person

    Direct responsibility

    responsibility level 0.75 · verified

    He built the majority for QE. The Governing Council voted. National central banks implemented.

What changed

Fact → Driver → Indicator. Relationship strength orders the paths; it is not the observed indicator movement.

    1. FactECB launches an expanded asset-purchase programme
    2. strengthensDriverIncome Inequality

    impact weight 0.4 · Effect from 22 January 2015 · verified

    Asset purchases lift housing and equity prices, raising wealth inequality among holders.

    1. FactECB launches an expanded asset-purchase programme
    2. weakensDriverCost-of-Living Pressure
    3. weakensIndicators (4)Unemployment, total (% of total labor force) (modeled ILO estimate)
    Mixed path

    impact weight 0.4 · Effect from 22 January 2015 · verified

    Lower yields and easier credit can reduce near-term unemployment-related household pressure.

    All indicators on this path (4)

    • Under-five mortality rate (global)

      via Cost-of-Living Pressure

      Better

      Strengthens · Relationship strength 0.12 (weight 0.4 × strength 0.3)

      Observed

      37.4 deaths per 1,000 live births · 12.4 above the normal line (2024)

      Worse than normal

      7 readings, 2018–2024: fell from 40 deaths per 1,000 live births to 37.4 deaths per 1,000 live births.

      Above normal = worse

Evidence

The sources behind this fact and its verification state.

Verified2 sources on file
  1. 1.Reuters — ECB launches QEReuters · High credibility · verified
  2. 2.ECB — expanded asset-purchase programmeEuropean Central Bank · High credibility · verified

Causal path

How this event connects to drivers and indicators in the graph.

  1. ActorMario Draghi
  2. contributed toFactECB launches an expanded asset-purchase programme
  3. strengthensDrivers (2)Income Inequality

Cite this page

Factrail. (2026). ECB launches an expanded asset-purchase programme. Factrail. https://factrail.ai/facts/ecb-qe-2015

https://factrail.ai/facts/ecb-qe-2015

Accessed 15 October 2026.

By the Factrail desk · Method: how we source and score · Last reviewed

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