ECB's Nowotny: Not too much of a risk to assume ECB could decide in July to end QE this year

Further comments by ECB's Nowotny

• There is room to increase short-term rates if there is an increase in long-term rates
• Should achieve normal term structure of interest rates
• There will be no interest rate changes until after the summer of 2019
• After that time period, it is "wait and see"

The ECB next meets on 26 July, and is already largely expected to end its QE programme by the end of the year.

A continued reiteration of the "summer of 2019" timeline that the ECB won't act to change interest rates. Not anything new, but certainly reaffirms the fact that they are not leaving themselves with a lot of flexibility in terms of moving to raise rates next year.