Central Bank Impressions

ECB Review: Accommodation Continues (At a Slower Pace)

Europe

In line with our preview, but against market consensus (70% of economists, surveyed between November 28th and December 2nd, were expecting an extension of QE with an unchanged pace of asset purchases) the ECB extended QE until December 2017, with a pace of net asset purchases falling to € 60bn/month as of April 2017. The ECB said it would be prepared to increase the pace of purchases or their duration, if economic and market conditions warranted. In this paper, we analyse all the nuances and implications of the decision.

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