ECB eurozone stimulus plan begins Monday

The European Central Bank is due to implement its new stimulus drive on Monday.

At an ECB meeting in Nicosia, a capital that has seen its fair share of financial turbulence, bank president Mario Draghi predicted improvements in the economic well-being of the eurozone as a result of ECB policy: “The substantial, additional easing of our monetary policy stands, supports and reinforces the emergence of more favourable developments of the euro area economy, financial market conditions and the cost of external finance for the private economy have eased further. Borrowing conditions for firms and households have improved considerably,” he said.

Inflation looks to remain low or maybe negative as a result of the drop in oil prices until later in the year, still the bank believes rates will rise to 1.5 percent in 2016 and up to 1.8 percent the following year.

The Greek situation is also under the microscope in Cyprus as Athens seeks new terms with the European Central Bank and other inter