European Economics

European Economics Focus

5 June, 2017

How and when will the ECB “normalise” policy?

We think that the ECB will taper its asset purchases to zero in the first six months of 2018 and begin raising interest rates in 2019. The euro-zone economy as a whole should continue to perform well regardless, but there is a risk of more damaging effects on peripheral economies.

With the euro-zone economy growing quite well, there has been increasing speculation about the ECB tightening monetary policy. Some analysts have even talked about the Bank ending its asset purchases of €60bn per month

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