Governor of the Bank of France and Member of the Executive Board of the European Central Bank Villeroy de Galhau apoke on monetary policy with the French media

He emphasised the gradual nature of any wind back in QE

  • "No-one should fear a further reduction in the intensity of our monthly net asset purchases, and their possible end thereafter, insofar as we will maintain a very accommodative monetary policy -- to be judged on all its instruments,"
  • "The spirit could be, given the progress that has been achieved, an appropriate reduction in net monthly asset purchases, while maintaining a high stock of ECB-held assets, and a very accommodative monetary policy with the whole of the instruments at our disposal"

Villeroy adding further to the expectations that ECB taper is on the way - these from Friday on timing and amounts: