ECB's Villeroy
- Data shows that headline and core inflation declining progressively across Europe
- Today's data shows that the ECB's monetary policy is effective
- Recent volatility in long bonds has been somewhat excessive
- Data confirms that current level of our key interest rates is appropriate
You get the sense that the ECB would be much quicker than other central banks to restart QE. They already did weakly-disguised monetary financing for Italy.
