THE eurozone has built up a dangerous addiction to debt, which is laid bare in a stark graph of the European Central Bank’s (ECB) balance sheet.
At the height of the eurozone financial crisis in 2012, ECB chief Mario Draghi promised to do “whatever it takes” to prevent the bloc’s economy from collapsing.
The central bank has since unleashed experimental and extreme measures, which include slashing interest rates below zero and pumping trillions of euros into the economy.
The ECB’s balance sheet is now worth more than £4trillion and rises every month.
And the success of the measures is questionable, with Mr Draghi routinely forced to defend the actions.
Inflation remains well below the two per cent targeted by the ECB and unemployment is still at almost 10 per cent.