It should be remembered, first, that if the US Federal Reserve System has decided to gradually taper its asset purchases in the markets, it is because it considers that the US 2  BIS central bankers’ speeches  economy is improving and that the recovery is sound. That’s good news for the global economy.
Recovery in the euro area is behind compared with the United States. We are therefore working to ensure that this differentiated recovery does not harm monetary conditions in the euro area. The ECB’s adoption of “forward guidance” on its monetary policy has enabled European short-term interest rates to be disconnected efficiently from US short-term interest rates. We will ensure that this continues.