What is it with these ECB guys? They play semantic games over whether the ECB is or is not employing quantitative ease. Trichet tried this tactic at his May press conference but soon relented and admitted that yes, buying covered bonds and lengthening bank loan terms are forms of credit or quantitative ease.
Stark calls rates appropriate at these levels and says there will be a delay in impact from the rate cuts so far, as always. Finally, he says there was a consensus for non-standard measures by the ECB Council. One suspects his native Germany was not part of that consensus…