ECB Forward Guidance: Lost in translation? - TDS

Analysts at TD Securities point out that the ECB's June policy meeting yielded an announcement on QE tapering and a commitment to keep policy rates at their current levels until next year.

Key Quotes

“The policy statement published in English committed "interest rates to remain at their present levels at least through the summer of 2019".”

“Unusually, the French and German translations of the policy statement were subsequently revised. The language in those new translations suggests a rate rise could occur during the summer. This accords with recent statements by some national central bank Governors, as well as leaks to the media earlier today.”