Davy Research

Market Comment

Surging eurozone surveys may embolden ECB hawks

DAVY VIEW

Yesterday’s (June 26th) German Ifo business survey provided further evidence that growth has accelerated sharply in the first half of 2017 — reaching its highest level since 1991. Inevitably, calls for a withdrawal of the ECB’s exceptional stimulus will grow in the coming months if the momentum in eurozone growth is maintained. Indeed, Bundesbank President Jens Weidmann was quoted in the German press over the weekend calling for a tightening of policy. This debate will come into sharper focus later this year as the ECB Governing Council considers whether to extend quantitative easing (QE) beyond its proposed December end date.

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