ECB's shift of gears presents another set of risks

ECB's shift of gears presents another set of risks
ECB president Mario Draghi speaking to reporters in Latvia. Pic: Getty

Ending the bank's QE programme risks fuelling public discontent within member states, driving up voters’ support for political extremes

“No battle was ever won according to plan, but no battle was ever won without one,” remarked Dwight D Eisenhower. With both the US Federal Reserve and ECB policy decisions this week, the last two days have seen a re-appraisal of the markets' expectations regarding the future dynamics of monetary policies in the world’s two largest advanced economies.

The fact that these re-appraisals come on...

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