The ECB is keeping its course and following its expansionary monetary policy stance. There had been expectations in Germany that the ECB would promise to end its purchase program in September, but these have been disappointed. The ECB has to keep its options open. The recent turmoil in financial markets, the stronger euro and disappointingly weak inflation in the euro area don’t bode well for a swift end of the purchase program. Despite the change in forward guidance, I now see a higher probability that the purchase program will be extended beyond September, probably at least until the end of 2018. I expect the ECB will want to keep a maximum of flexibility and that it will make its decision about the exit only in the summer.