The European Central Bank is wrestling with how to exit the super-accommodative policy that’s dominated Mario Draghi’s tenure as president.
In trying to determine the path of this off-ramp, it might be instructive to look backward. To December of last year, to be precise. That’s when the ECB took what looks in retrospect like a first tentative step back from quantitative easing, the huge program of bond buying aimed at keeping interest rates low.
- McGeever, Jamie, (2017), «If central banks can’t taper QE now, when can they? Maybe never», Reuters, 13 June
- Gambetti, Luca, Musso, Alberto, (2017), «The macroeconomic impact of the ECB’s expanded asset purchase programme (APP)», ECB Working Paper Series No 2075, June