ECB Noyer: QE needs time to bear fruit

Note: Noyer will be leaving the ECB

ECBs Christian Noyer is being quoted in a German FAZ newspaper report:

• Cautions against ECB actionism
• Current QE program works well.
• QE needs time to bear fruit.
• Too early to draw a conclusion on QE after 6 months.

Note that Noyer will be retiring next month. So his comments are not totally relevant with regard to ECB policy action.