QE might well be adjusted but we're not there yet

  • European economy is well on track for what we were hoping for
  • We see the beginning of an upturn in credit
  • It's too early to claim victory and too early to think about changing policy

This is in response to Adam's question on how the ECB view the economy now that QE has been running

  • Looking backwards it was strange that the euro had appreciated during the time the Eurozone suffered a late recovery
  • Rebalancing in Forex rates is more to do with the fact the US recovery is more advanced and reflects differences in US-Euro cycles

Sneaky peek of Noyer