Central Bank Impressions

ECB: "Tapering" Doesn't Mean "Tightening"

Europe

The ECB is engaged in a package of monetary stimulus that is only second (in terms of scope and depth) to that of the BOJ (recently expanded to allow Yield Curve Control). Nonetheless, the ECB is aware that it will have to provide additional stimulus for quite some time, as European authorities are not ready to adopt meaningful fiscal expansion to support aggregate demand beyond the flexibility granted to more indebted countries on a case-by-case basis each year by the European Commission.

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