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The ECB-meeting last Thursday was all but exciting, perhaps even flat out boring. That is more or less the sentiment of most pundits about the ECB-meeting of last week. In my opinion, this prevailing sentiment does no justice to the meeting. And I argue that this is the case because of just two words, which were mentioned in the press release that was published after the, indeed, deadly boring meeting.

QE-tapering

The Ark of Noah

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