Right you are, M. Coene. He had some other interesting points as well:
- Policy easing options for ECB include rate cut, negative deposit rates, more LTROs
- Very unlikely that ECB will engage in outright unsterilized bond purchases (QE)
- This time is different in that bond buying program is tied to conditionality
- ECB will turn buying off instantly if conditions not met
- ECB will make completely independent assessment that counties are sticking to program
