3 Feb 2015
First Signs Of QE Impact By Summer - ECB's Nowotny
FXStreet (Mumbai) - Speaking at a conference in the Hungarian capital, European Central Bank (ECB) Governing Council member and chief of Austria's central bank Ewald Nowotny said that we should be able to see the first signs of the impact from the ECB's new monetary easing program in the summer.
"We start this new program March 1 and it's very difficult to foresee but I think till summer we should get the first indications, because the first things to be looked at will be the volume of bonds offered to the ECB either by the banks or by other investors,"
Nowotny added that while he expects some "deflationary impulses" in the first half of 2015, he does not foresee deflation for the whole of 2015.
Declining to comment on extending emergency liquidity funding for Greek banks, Nowotny said, "This is something where we have very close inter linkages with political events and we will follow our rules.
"We start this new program March 1 and it's very difficult to foresee but I think till summer we should get the first indications, because the first things to be looked at will be the volume of bonds offered to the ECB either by the banks or by other investors,"
Nowotny added that while he expects some "deflationary impulses" in the first half of 2015, he does not foresee deflation for the whole of 2015.
Declining to comment on extending emergency liquidity funding for Greek banks, Nowotny said, "This is something where we have very close inter linkages with political events and we will follow our rules.