QE latest publications

June 18, 2018

Crystal clear

Amid the growing uncertainty of the global economic scenario, stemming from the potential escalation of tariff increases initiated by the US, the main central banks have launched a crystal-clear message this week: monetary policies are entering a new phase.

March 9, 2018

ECB Watch | Another step towards monetary policy normalization, as expected

The ECB removed the easing bias on the Asset Purchase Programme. Macro projections remained mostly unchanged. Protectionism (re)emerges as a downside risk.

February 9, 2018

Synthetic inflation indicator in the Eurozone, closing the gap in a sustained manner

Unconventional measures taken by the ECB and the combination of several events on multiple fronts are contributing, in a very gradual way, to the pushing up of inflation, although it is a long way from getting back to the ECB’s target. Once the ECB is more confident on achieving the sustained adjustment on the path of infla…

January 29, 2018

The ECB faces a major challenge in 2018

Since the outbreak of the global financial crisis, and in response to the subsequent European debt crisis, the European Central Bank (ECB) has adopted various measures to stabilise the economy and to aim at achieving its ultimate goal: price stability.

January 26, 2018

ECB Watch | The ECB strikes a dovish tone

The ECB left its forward guidance communication unchanged. Renewed concerns over exchange rate volatility. “Very few chances” of a rate hike this year.

December 15, 2017

ECB Watch: ECB on a wait and see stance

There was no discussion on any change in the QE recalibration. The ECB seems more confident on the economic expansion. Significant upward revision of staff’s growth forecasts.

November 6, 2017


In October economists Olivier Blanchard and Larry Summers coordinated a conference on “Rethinking macroeconomic policy”, a debating forum on the challenges posed for economic policy by the new environment of low levels of inflation and interest rates combined with slow growth in productivity and increasing inequality.

October 27, 2017

ECB Watch: The ECB delivers a "down size" of the APP

The ECB has opted for an alternative way to taper QE, downsizing monthly purchases to 30 bn euros. The Asset Purchase Programme remains open-ended, extended until September 2018 or beyond. The size of the ECB’s balance sheet and forward guidance will replace net purchases as the main tool for monetary policy