We will do our analysis. I hope we are flexible and then get our conclusion

  • ECB will give ” very precise answer after next meeting”
  • ECB working on a broader range of instruments
  • baseline is a “very fragile and unevenly spread recovery”
  • ECB should accelerate prepatory work on policy instruments

Euro on the back foot again.

Add:

  • negative interest rates are a tool on the shelf but extraordinary measure, and might have unintended consequences