• US experience shows re-anchoring inflation expectations takes time

  • recent indicators suggest that QE has had a positive effect on inflation expectations

  • QE to continue through Sept 2016

  • ready to extend asset purchase plan if necessary

  • EU govts should compliment QE with structural reforms

BOF gov and ECB member on the wires a short while ago but the Reuters headline is a bit more dramatic and all adding to the euro-bearish tones