The amount of the second quantitative easing by the European Central Bank wasn't 1 trillion euros (HK$10.44 trillion) as predicted by those most upbeat.

But the 529.5 billion euros was still modestly higher than the average forecast by the markets immediately before the ECB announcement, as well as the 489 billion euros released to 523 banks in the first round on December 21.

The immediate market reaction was intriguing. London stocks struggled near their post-crisis high. The euro weakened a bit after surging ahead of the expected announcement.

The general consensus was it would have positive impact on the market - especially risk assets - in the short run. The excessive liquidity should push down the yield further for bonds issued by debt- ridden euro zone members, with Italy and Spain in particular, for they're the domino pieces that must not fall. Greece is peripheral.

However, as the central bank issued its second and likely last round of QE, the liquidity also increased pressure on the wall. It will be relevant to ask if ECB has the ability to pull back these funds three years later. This will be the crunch point in due course.

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