In a research note JP Morgan says the ECB’s QE program was more aggressive than expected, but also for the eurozone that:

  • We are encouraged that a number of headwinds to growth are fading
  • The drop in commodity prices provides a new source of lift
  • Drags from tight credit supply and fiscal adjustment have not faded completely but are easing incrementally
  • The exchange rate is swinging from a drag on growth to a boost
  • And the sentiment shock from conflict with Russia also appears to be dissipating
  • Meanwhile, the recent acceleration in retail sales growth suggests the support from lower oil prices is feeding through

Ahhh, what the heck: