ECB: Governing Council meets in Cyprus as QE gets underway

Following the decision of the Governing Council of the European Central Bank (ECB) to hold two meetings each year outside the Frankfurt headquarters, the ECB Governing Council meeting on March 4 and 5 will take place in Nicosia, hosted by the Central Bank of Cyprus.

The meeting is important as it takes place as the ECB introduces its quantitative easing programme this month to supply liquidity into the markets, thus helping to prop up the stagnant EU economy.
It is committed to buying about EUR 1.1 trln worth of bonds through its local central banks, with the Central bank of Cyprus expected to buy as much as EUR 120 mln a month.
On Wednesday evening, President Nicos Anastasiades will welcome ECB President Mario Draghi at the Presidential Palace, followed by an official dinner hosted by Cyprus Central Bank Governor Chrystalla Georghadji for all the Eurozone centralbankers.
On Thursday, Draghi and Georghadji will give a joint press conference at the Filoxenia Conference Centre at 2.30pm, while anti-bailout groups, mainly supporters of the communist party and labour groups, will stage a protest against the austerity measures imposed by the Troika of international lenders, including the ECB, the European Commission and the International Monetary Fund.