Translation of "Lockerungsmaßnahmen" in English

The ECB’s Quantitative Easing program may be helping to improve the outlook.

However, many of these relaxing measures have been reversed by the current President of the United States.

Implementing a quantitative easing programme run by the European Central Bank and involving the direct acquisition of government bonds.

Interest rates are significantly lower and central bank balance sheets much larger, making easing policies harder.

In spite of the interest rate floor the central bank is able to reach its objectives by quantitative easing.

Part II : Economic policy in the Member States the contraction in the deficit is likely to help bring interest rates down.

As a result of this preparatory work the Community was able to inform China of a series of measures to make the unilateral import arrangements more flexible.

In general these measures consist of increases in the import quotas for China and go a long way to satisfying that country's express requests on these matters.

Council in Strasbourg underlined that only broad-based negotiations bringing together the true leaders of the different South African peoples could lead to a lasting settlement.4The Community and its Member States, whilst noting the acts of clemency and other measures since President De Klerk had come to power, did not consider these sufficient and would maintain the pressure on the South African authorities to promote profound and irreversible changes.

At next week's Governing Council meeting, we see no reason to expand easing measures or raise the concrete prospect thereof – not least given few signs of a slowdown in the wake of the Brexit vote.

Without German monetary indicators pointing towards deflation, other easing policies – another rate cut, another LTRO – are highly unlikely.

We have written about quantitative easing (QE) many times over the years, yet there remains more to be said: the great QE experiment is not yet over.

In turn, BoJ board member Sayuri Shirai, one of the three dissenters at the December 19 meeting, recently argued that ‘additional monetary easing measures should be taken without hesitation so as not to jeopardize the BoJ’s credibility,’ and we may see a growing rift within the central bank as the region faces a slowing recovery.

Quantitative easing continues apace and could be set to broaden further, be that in its duration or via the inclusion of new types of assets.

Firstly, I have always thought that monetary tightening should logically follow the reverse pattern of monetary easing.

This would include raising the inflation target to 2% (or even 3%) and doing whatever it takes (more QE, currency intervention) to achieve that.

On this last point, the more solid footing of the European economy will likely give the ECB more confidence to begin tapering quantitative easing and possibly hike the deposit rate later this year.

If the ECB decides to provide further stimulus via extended (or expanded) QE and/or lowers its negative deposit rate further, the Swiss National Bank (SNB) has some thinking to do.

The UK policy is likely to be contractionary – which would make the case for further easing rather than hiking- potentially delaying lift-off further.

There has been a heated debate in recent years on whether emerging market portfolio flows are driven primarily by so called ‘push factors’ (eg QE and associated negative developed country real interest rates pushing capital into countries where rates are higher), or whether flows are driven by ‘pull factors’ (eg domestic factors such as reforms or financial liberalisation).

On the other hand, combined with the recent sharp fall in oil prices and macroeconomic easing in China, the environment for the global economy may brighten.