Lagarde on European QE: It's already working

"The World Economic Forum in Davos has many different topics on the agenda, but this year it coincides with a hotly-anticipated announcement by Mario Draghi, the president of the European Central Bank (ECB)."

As part of the ECB's attempts to stimulate the deflation-hit euro zone, Draghi's press conference at 13:30 GMT, with a rate decision due at 12:45 GMT, is widely expected to be the moment the bank's Governing Council launches some form of government bond-buying.

And with some of the most powerful people on the planet all meeting in a conference center in Switzerland, quantitative easing (QE) is one of the hottest topics of the week.

Christine Lagarde, managing director of the International Monetary Fund (IMF), said on Thursday that expectations of a bond-buying program in Europe had already had an effect.

Read more: "To a point you can say that it has already worked," Lagarde said on a panel in Davos.