Two questions: First of all, in a recent speech by Benoit Coeuré he seemed to make two remarks. The first was that the eurozone is less at risk of a taper tantrum in the US when it comes time to draw a close to any new bond purchases under QE.
The second seemed to be in that in boom markets at least, the flow of QE no longer matters; it’s a lot more about the stock. I’d be interested in hearing yours and Mr Constâncio’s views on these two points that Mr Coeuré made.