If one extrapolates from the current brighter economic outlook, one cannot imagine that we would need to extend further our present purchases. A symmetric approach to our inflation mission would therefore be more appropriate than a one-dimensional promise to do more in case of deflation. Managing QExit will be challenging, however.
While ending the purchase programme quickly could provoke undue market reactions, we should not overlook the fact that the longer our asset purchase programme continues, the less effective the programme and the greater the risks attached to it become. Having a credible view of the exit is important to keep any such risks contained.