- ECB's Executive Board member Schnabel: ECB asset purchases will remain crucial in the time to come
Market news
20 September 2021
ECB's Executive Board member Schnabel: ECB asset purchases will remain crucial in the time to come
- As inflation outlook brightens, when asset purchases end is more important
- Less important is how much central bank buys or when reduction of purchases begin
- Stock of asset purchases provides substantial, persistent policy stimulus
- But there may be a point where positive effects of QE could even reverse
- Forward guidance cannot fully substitute asset purchases
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