My opinion is clear: we should begin to scale back our bond purchases at the beginning of next year. When we bring our unconventional measures to an end, it will mark the last chapter of this turbulent tale. Let’s hope that we can then go back to our quiet and boring former life. Thank you very much for your attention.
However, the risk is very slight as this principle of independence is set in stone in the Treaty. I would add that the lack of visibility and substance of the political axis and the European Central Bank’s “institutional loneliness” all too often, and quite unfairly, make the ECB an escape goat for everything that is going wrong in Europe.