Draghi writes to the EU ombudsman after Coeure cock up
- Says QE frontloading was publicly available information
- Frontloading isn't a change in policy stance
- Coeure speech delay was due to internal miscommunication
"Based on the data covering the first part of May, which was released in the afternoons of 11 and 18 May 2015, i.e.
before the speech in London, the start of the moderate frontloading of purchases in May (and to be
continued in June) was already clearly visible, and thus publicly available information, and there
was no acceleration in the purchases path in the second half of May relative to these revealed
slightly higher volumes (see annex)
Moreover, a moderate frontloading, i.e. a slight adjustment of the purchase path to avoid
possible market tensions in August (with an unchanged total amount of purchases over the
entire period), obviously does not constitute a change in the ECB's policy stance and could
therefore not be interpreted as an announcement of a change in the ECB's policy stance."
The full letter can be read here
The biggest take from it is that the frontloading was never going to be in massive size and more just tinkering around the edges
