Almost € trillion has been injected into the euro area economy. Yesterday, the ECB announced that all this would come to a stop at the end of the year. Does that mean the crisis is over? Indeed, we plan to stop these purchases after December. Why? For two reasons. First, Europe is seeing strong growth.
At the beginning of the year this growth slowed a little, but we feel that it remains robust and will bounce back and continue. And second, inflation is returning towards 2%, which is the ultimate goal of everything we do. But the policy was working, and now you’re stopping it? We’re stopping it precisely because it has worked.