The Opposition this evening welcomed the European Central Bank’s quantitative easing exercise, announced yesterday following a meeting of the governing council.

Through the programme, the ECB would buy government bonds between this March and the end of September 2016 pumping about €60 billion a month into the eurozone’s economy for a total of more than €1 trillion.

Eurozone interest rates would remain at a record 0.05 per cent, as they have been since last September.

The Opposition said the intervention was aimed at pumping more money into the economy through lower interest rates to finance investment and encourage consumer expenditure in the euro zone.

It said that it acknowledged that, as a country, Malta had an economic growth level that was consistent with that of previous years.

The Opposition hoped that through this measure, the government would be able to increase investment and exports. It also hoped burdens would be reduced on families and businesses who had a bank loan through lower interest rates.

The Opposition warned the government to act responsibly and find a balance between public expenditure and national debt so as not to create pressure on the cost of living of Maltese and Gozitan families.