Comments from the ECB's Yves Mersch:
- Eurozone has left behind the risk of deflation
- Eurozone needs more risk taking
- Buying govt bonds can provoke moral hazard
- QE is more efficient than expected by some
- Bank lending is slowly turning
These comments sound like a massive premature victory lap. Italian growth is expected at an average of 0.75% for the next two years; that's hardly a time for celebration.
Update: Says ECB economic projections likely to be revised upward.
