Once again, the ECB faces the tough task of balancing a raft of bad news from the euro-zone’s periphery with the more positive developments elsewhere and the fact that CPI inflation has risen above target. While the ECB will keep open the option of purchasing more government bonds and extending unconventional policy measures, it will reiterate that these measures are temporary. But as growth begins to falter later this year, the ECB may eventually be forced to adopt bolder measures.
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