Business and the euro: Only a tailwind

ONLOOKERS could be excused for thinking that Christmas had come again to the euro zone this month. On January 22nd the European Central Bank (ECB) said it was ready to buy over €1 trillion ($1.1 trillion) of sovereign and asset-backed bonds between March 2015 and September 2016. Growth, jobs and an end to the spectre of deflation were euphorically invoked by politicians, businessmen and journalists.The immediate result was to grease the skids under the sliding euro, worth $1.13 at mid-week. It...