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在线翻译:
szdaily -> World Economy
ECB said to examine QE options
    2017-July-20  08:53    Shenzhen Daily

WHILE European Central Bank (ECB) policymakers look forward to a summer break, the institution is quietly working on stimulus plans for them to consider on their return.

The ECB’s Frankfurt-based staff are examining scenarios for the future path of quantitative easing (QE) ahead of a Governing Council decision that is expected to take place in September or later, according to euro-area officials familiar with the matter.

The analysis doesn’t mean a stimulus change is imminent. No definite proposals or timings have been devised and policymakers, who start a two-day meeting in Frankfurt on Wednesday, haven’t yet held formal discussions on the end of bond purchases. Officials have limited appetite for any significant change in their policy language for now, the sources said.

Governing Council members are in agreement that they need to move carefully. The chief concern is that investors might jump on any signal that bond purchases are about to be tapered, pushing up market interest rates and undermining the euro-area recovery.

The risk was highlighted by the rally in bond yields and the currency after ECB President Mario Draghi’s June 27 speech in Sintra, Portugal, when he said reflationary forces were now at play in the euro area.

“The ECB’s biggest challenge is that the outlook for inflation remains very unclear. They had put a lot of emphasis recently on the fact that, despite a recovery in the labor market, wage growth has been disappointing,” said Marchel Alexandrovich, an economist at Jefferies in London. “This means that even in September they may not be in a position to offer a clear roadmap for how quickly stimulus will be scaled down next year.” (SD-Agencies)

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