At its December meeting the European Central Bank (ECB) announced that it would be extending its bond purchasing program until at least the end of 2017. From April next year the monthly purchase volume is to be reduced to EUR 60bn from EUR 80bn at present. All told, this boosts the QE program by EUR 540bn to EUR 2.28 trillion. Should inflation remain below expectations in the coming months, the ECB has kept its options open to up the monthly purchase volume as well as extend the time horizon.
