Now’s not the time for ECB-speakers to taper QE bond purchase. Not now, not in a month and not in a year from now. They shouldn’t even mention tapering QE. Unfortunately, we have had three ECB-speakers this week who suggested that the ECB should cut back on QE. Last month the French Governing Council member Villeroy de Galhau made similar remarks. And this morning Vice President De Guindos seem to join the ‘less QE’ camp when he suggested that the program could be “recalibrated.” Something is wrong here. So, let us take a closer look at what the hawks are saying.

 

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