If QE comes to an end in 2018, would it be sufficient to start communicating on this in the 1/5  BIS central bankers' speeches  summer, or would preparations have to start earlier? It shouldn’t be left until the very last minute – the markets should be prepared in a proactive and ongoing way.
In line with its mandate, the ECB remains vigilant regarding risks to price stability, as evidenced by its monetary policy decisions in order to nip inflationary pressures in the bud before they materialise, rather than to react once price stability is already in jeopardy.