Thousands of anti-austerity demonstrators rallied in Naples Thursday as the European Central Bank convened in the Italian city to discuss how to avert looming deflation in the eurozone. "Misery, poverty, unemployment, speculation, free us from the ECB," read banners brandished by many of the estimated 4,000 protestors. Under the watchful gaze of some 2,000 police and security officers, the "Block BCE" demonstration remained peaceful.
The protestors carried placards with caricatures of German Chancellor Angela Merkel, a champion of fiscal discipline in the eurozone, and the slogan "jatevenne" which is Neopolitan dialect for "go away". Police helicopters circled the Capodimonte museum where the governors were meeting, away from their usual venue at the ECB's Frankfurt headquarters.
ECB president Mario Draghi, an Italian who has earned the nickname "super Mario" for his negotiating and communication skills, was scheduled to give a press conference after the regular monthly policy meeting. And following a surprise rate cut last month, no new policy moves were expected this time round. Nevertheless, financial markets are looking for more details about the bank's controversial moves to inject liquidity into the eurozone economy.
These include plans to buy asset-backed securities (ABS) and covered bonds as a way of kick-starting lending in the 18 countries that share the euro. According to new data this week, eurozone inflation slowed to 0.3 percent, the lowest level for nearly five years, in September.
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