If everyone plays their part, it will become apparent that all the Member States hold dear the success of monetary union and, above all, the prosperity and well-being of all European citizens.
As a consequence, the 3/6  BIS central bankers' speeches  desired compensation for hedging will decrease, which will drive down the term premium and the whole yield curve. This same mechanism will spur propagation. Duration extraction is the catalyst for the portfolio rebalancing channel, which is the chief mechanism by which easing through quantitative interventions propagates through the entire economy.