ECB: Paving the way - Rabobank

The ECB left its interest rates, quantitative easing and forward guidance untouched, points out the research team at Rabobank.

Key Quotes

“The slight changes in the staff projections were mainly technical of nature, and the new forecasts did not materially change the ECB’s earlier outlook.”

“The gradual evolution of the economy along the lines of the ECB’s outlook gave the Council the confidence to remove the easing bias from its asset purchase programme.”

“To us, this marginal change in the statement is the precursor of a more substantial revision of the communication strategy in summer, before the ECB unwinds QE altogether by end-2018.”