DAVY VIEW

Today’s speech by Philip Lane will likely be his last commentary on the ECB’s strategy to provide further monetary stimulus at its next policy meeting – before the period of radio silence begins ahead of the December 10th decision. The broad consensus is for an increase in the Pandemic Emergency Purchase Programme (PEPP) to €2trn out to December 2021, together with more favourable Targeted Longer-term Refinancing Operations (TLTRO) in 2021.