ECB’s QE

Spain should position itself on Europe’s main issues

Juan Pedro Marín-Arrese | From the start the new Spanish government has voiced its staunch pro-European stance. A most welcome move when other core countries drift apart, either through complete withdrawal like the UK or proving a real nuisance like Italy. Not to mention some Eastern Member States waging an open rebellion by snubbing key democratic principles enshrined in the Union Treaty.



Hot Potatoes? Encouraging News From Euro Land

James Alexander | It’s been lonely blogging that the Euro Area economy was not nearly as bad as consensus reckons, even consensus amongst our fellow Market Monetarists. But the data has consistently shown Euro Area NGDP growth doing better, and at least as good as the long-term average.

 




Difference between Net issuance of bonds and ECB purchases in 2015

ECB purchases will reduce the size of the tradable sovereign bond markets

MADRID | May 14, 2015 | BNP Paribas | Net issuance of sovereign bonds will exceed ECB purchases in May by c.EUR50bn. We believe this is why yields are going up. We also believe this is why they will come down again from June when ECB QE will again significantly outpace sovereign bond issuances (by c. EUR8bn in June and EUR90bn in July) 



10y govt bond yield compression

BNP sees risks in QE implementation

The Corner | April 30, 2015 | For BNP Paribas analysts Mario Draghi will find it increasingly difficult over the next few months to execute its planned EUR45bn monthly purchases of sovereign bonds.



ECB

Euro area: Don’t fight the ECB

LONDON | April 21, 2015 | Barclays | The ECB remains committed to deliver its QE target of a more than €1.1trn balance sheet expansion through asset purchases and sought to dispel fears over asset scarcity.