ECB only partly rows back from hawkish shift

Sifting through the numerous statements by ECB policymakers this week leaves us still thinking that the ECB is likely to “recalibrate” its plans in March and pave the way for an end to QE and a first rate hike. Indeed, we think that on balance, it is likely to raise rates to zero by the end of the year. Meanwhile, the main data releases next week are euro-zone GDP, employment and industrial production for the end of last year.