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Inflation rate for Eurozone in December 2015 was 0.2%. In November 2015 it was 0.1%. Meanwhile ECBs target is annual 2% and it seems that ECB does everything it can to push the inflation to the target. For example:

The ECB in December decided to lower the deposit rate by 10 basis points to -0.30% and extended the asset purchase programme until March 2017 or "beyond if necessary". Yahoo! Finance

ECB probably wants to stimulate economic growth by causing inflation (?), but the question is what makes it fail? Greece is printing billions of euros, interest rates are lower than low, euro itself has devaluated dramatically. Why is that inflation still doesn't happen?

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    $\begingroup$ Greece is printing euros...? Can you source this claim? I think only the ECB can print euros. $\endgroup$ – Giskard Jan 22 '16 at 7:32
  • $\begingroup$ @denesp ECB's new program allows for national central banks to purchase assets. But maybe there was an overstatement made. The answer: The economy is doing pretty bad and a lot of delevereging is going on in the private sector. The aggregate money supply is not growing very fast even though the monetary base is (about 3 % a year). Also, do not forget that the money empirically mostly goes to prop up stock markets and especially the government bond market, not showing up in CPI. $\endgroup$ – Dole Jan 23 '16 at 3:00
  • $\begingroup$ @Dole what do you mean 'purchase assets'? Financial bonds are not money. Also: if you think your answer is correct, post it as an answer? $\endgroup$ – Giskard Jan 23 '16 at 8:13
  • $\begingroup$ @denesp "As Barclays notes, during the same period over which Greek banks lost nearly €30 billion in deposits, banknotes in circulation jumped by some €13 billion." zerohedge.com/news/2015-06-20/… $\endgroup$ – jayarjo Jan 23 '16 at 11:26
  • $\begingroup$ @denesp "The ECB has the exclusive right to authorise the issue of notes within the Eurozone, but most notes are actually issued by the National Central Banks (NCBs) of the Eurozone. As of 2004, 8% of banknotes were issued by the European Central Bank and 92% were issued by Eurozone NCBs. The issuing central bank can be seen from the serial number. Each NCB is now responsible for the production of certain denominations, as assigned by the ECB." en.wikipedia.org/wiki/Euro_banknotes#Issuance_and_printing $\endgroup$ – jayarjo Jan 23 '16 at 11:29

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