Credit conditions have improved sufficiently, so there is currently no need to renew the TLTROs. And what about the sequencing of monetary policy normalisation? The current sequencing of monetary policy normalisation makes a lot of sense. There is no number, period of time in months or anything like that which will determine when interest rates go up after the debt purchases end.
The euro/dollar foreign exchange market is the largest in the world and around 40% of international debt securities issued over the past two years have been in euro. Thus, already after two years of EMU, the euro is already a widespread international currency, second only to the US dollar, and businesses and investors around the world need to take this into account.