To ask Her Majesty’s Government what assessment they have made of the quantitative easing programme launched by the European Central Bank.

The Treasury regularly monitors global economic developments, including those in the euro area, and their impact on the UK as part of the normal process of policy development.

It is not for the Government to comment on the appropriate monetary policy stance for the euro area.

Nonetheless, the Chancellor has made clear that the Government fully supports Mario Draghi’s efforts to ensure that the European Central Bank does whatever it takes to meet its inflation mandate.