Comment on the ECB Monetary Policy Decisions (5 March 2015):
The new ECB projections for growth and the return to price stability are very optimistic. The ECB projections are based on probably too optimistic expectations about the effectiveness of its QE programme. The weak euro and the decline in government bond yields over the past few months are largely the result of the high expectations about the QE programme. It is unlikely that the QE programme will continue to exert substantial effects on interest rates. The downside risks to the euro area economy are still significant.