Comments by ECB member and Bank of France governor Villeroy
- Net asset purchases should end by December
- Monetary policy to remain accommodative
- Policy normalisation will be gradual, predictable
- New Italian government economic policies still uncertain
- World is more unstable now, Eurozone uncertainty is also rising
Po-tae-to, po-tah-to. Very much the same message as what we heard yesterday from Draghi and Liikanen. Seems like there is a clear message to put emphasis on the "summer of 2019". Regardless, the market is currently putting the benchmark for an ECB rate hike to come around Q3 or September next year for now.
