Draghi’s speech Sintra

ECB's upcoming tapering

ECB Needs To Build A Macroeconomic Narrative To Justify Upcoming Tapering

Tapering will come anyway, largely because of technical/ political constraints around QE. The ECB will still have to justify this with a macroeconomic narrative. This is what the ECB President has set out to do.However, experts at BoAML believe that what he said yesterday in Sintra central bankers summit is also consistent with a very slow exit.