Doves have strong case against premature ECB tightening

Central bank is pulling back but needs to convince markets its asset purchase programme will not end too soon.

The European Central Bank has signalled a scaling back of its Covid-19 emergency programme of asset purchases, saying it intends to trim its monthly bond purchases for the rest of this year.

But that should be largely irrelevant to market participants by now. What matters is what the ECB does in 2022 and beyond. (...)

This article was published in the Financial Times, Thursday 9 September 2021.

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