Will be pragmatic in lowering QE intensity

– Reducing QE is compatible with keeping accommodation
– Now is the time to act on euro area reforms
– ECB could specify impact of QE bond reinvestments
– Underlying inflation remains at subdued levels

In the meantime we’re seeing some short covering EUROs taking place : EURUSD up to 1.1725, EURGBP 0.8985, EURJPY 132.65


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