Yesterday, Mario Draghi Hit Back at QE Hawks and denied the ECB was blackmailing Greece.

Critics of QE, such as Bundesbank president Jens Weidmann and the head of the Dutch central bank, Klaas Knot, argue the policy, which helps lower the cost of borrowing for member states, will allow countries such as France and Italy to shirk unpopular reforms.

The ECB president told lawmakers it was "very dubious" that a fall in the cost of borrowing for member states automatically weakened the appetite for structural reforms. He said: "Do you really think a high level of interest rates would form an incentive for a government to improve its education system, or judiciary, or electoral system?"