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ECB needs to clarify how it expects to exit QE

The question is whether it is relying on the flow of purchases or the stock of securities to deliver its punch

The Governing Council has so far kept the topic of ending QE off its agendas, even though some officials have expressed a preference for phasing out purchases slowly.


AS the European Central Bank (ECB) moves closer to picking a route out of quantitative easing (QE), it might have to clarify its philosophy on how the programme works.

The ECB's commitment to buy 80 billion euros (S$121.7 billion) a month of debt until March 2017 will add