• if policy not effective
  • ECB will do what it must to raise inflation and inflation expectations as fast as possible
  • it is now changes in the size and composition of our balance sheet that determine our mon policy stance
  • QE in US and Japan has led to significant fx depreciation

And down comes the euro on the QE talk

EURUSD 1.2495 EURGBP 0.7980 EURJPY 147.20