Austrian parliament press service with the comments from ECB man Ewald Nowotny

  • No longer sees contagion risk for southern Europe
  • Investors should focus less on government bonds
  • The US normalising monetary policy is a downside risk for Europe
  • US mon pol may lead to emerging market capital outflows
  • Euro area is still the region with the weakest growth
  • ECB QE has led to euro depreciation

Nothing to get the market moving in these comments. I think he's overplaying the emerging market aspect. We saw the EM fit when the taper was the hot topic and markets have had a long time to get adjusted to the possibility of rate hikes from the US