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May 23, 2018
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QE has been a controversial policy wherever it has been implemented, including in the euro zone. With the economy having expanded at the fastest rate in a decade in 2017, the ECB has already begun to scale back its asset purchases from EUR80bn per month at the peak to EUR30bn currently. The ECB is due to make its next decision on QE this summer. Our baseline expectation is that the ECB will announce in July the intention to finish QE at the end of this year. That will be a signal to markets and the economy that it is just a matter of time before the ECB’s other controversial monetary policy – negative deposit rates – is also withdrawn. [more]
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