ECB's Nowotny and Knot speak in Vienna

Knotters is up first

  • Mon pol needs greater flexibility and that is already in our mandate

  • Medium-term does not mean the end of the projection horizon

  • Medium-term is a flexible concept depending on the depth of a shock

  • Shock was deeper than any in the last 80 years and was amplified by fragmentation

  • There's a clear limit to how much mon pol can stimulate credit if regulated tighter

  • In communication there's a disconnect between policy makers and markets (whose fault is that then?)

  • Accommodation will be with us until the end of 2020 thanks to the reinvesting of assets bought

  • It's dangerous for banks to become captive of market expectations about what's next

I think Reuters has a newbie on the typing desk as they been calling him Knoot :-D

I'll have to check but I'm not sure anyone has put a firm date on the whole QE cycle, and he's potentially done just that. That puts it just over 3 years from the current expected March 2017 QE end date.