Is the ECB getting serious in its plans for Quantitative Easing? The Frankfurt based institute is looking for a “Portfolio Management Expert” and one of the requirements is “the coordination and implementation of non-standard policy programmes in the euro bond markets.”.
We can learn that Draghi and his colleagues are not only “unanimous” behind the readiness to use unconventional measures, but could also be taking active steps to turn it into reality.
Here is the relevant section from the job offer, that describes one of the tasks of the successful applicant:
preparing policy dossiers and participating in the coordination and implementation of non-standard policy programmes in the euro bond markets and/or the planning and implementation of the Eurosystem’s foreign exchange policy, including ERM II issues
The attempts to talk down the euro are becoming more constant and so far are successful at keeping EUR/USD below 1.40. However, the recurring attempts dilute the impact of words. With each statement regarding QE, a negative deposit rate and even explicit forex comments, the movements in the euro become smaller.
Without action, the ECB’s words may be totally ignored by markets, leading to the opposite reaction: a stronger euro.
Given the recent efforts of Draghi and other ECB officials to lower the exchange rate of the euro, this job offer could be part of the PR offense rather than a real job. If the Bank does really intend to hire someone, it means that they are taking QE seriously, but it does not imply that they are ready to act very soon.
More: Euro-zone QE: How about buying Gold?
Job offer spotted by Dan McCrum at FT Alphaville.
Share
