Was asked how the ECB would slice and dice the €20bn cut to QE

  • Low rates are needed now to get high rates later on

  • Must be patient with inflation and with the ECB

  • The ECB has more room to diversify after December measures

  • ECB didn't discuss tapering

  • When the time comes to taper we will have to have a deep and careful discussion

EURUSD has tried to bounce and got as far as 1.0645 odd before slipping back.