News from 2017-06-08 / KfW Research
“Taper tangram” – the ECB’s exit is a game of patience
The ECB’s exit from its unconventional monetary policy is dragging on. It resembles a game of patience – perhaps best compared to a Chinese tangram puzzle, in which seven puzzle pieces have to be assembled to meaningful form. Legend has it that in ancient China a student monk dropped a valuable tile and struggled long to put the broken parts back together. Unlike this accident, the ECB’s policy always was and still is a deliberate act. The central bankers therefore know exactly what needs to be done to return the monetary situation back to normal. We present a possible exit approach for the ECB – in seven parts.
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