- 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
