瑞信欧洲经济：ECB打算多对话，少行动。

我之前发的关于ECB的帖子：懂的入！欧元区的问题没有ECB想的那么简单！，IMF 欧元区：通货紧缩or低通胀？，与这里Credit Suisse的报告（共12页）观点一致，也就是，QE对ECB来说是说易行难。在经济不严重恶化的情况下，ECB进行QE的可能性很小。

After ECB President Draghi asserted that the Governing Council was "unanimous" in its commitment to using "unconventional measures" – including QE – if the risks of prolonged low inflation increased, other ECB Governing Council members, notably Coeuré, have discussed the possible form such measures could take.

This chatter appears to have had some effect. In particular, the upward rise in the euro – which we see as supported by fundamentals such as tight monetary policy and a high current account surplus – has stalled.

But action will prove harder to deliver than words, we think. Any policy action, let alone substantial easing, likely requires the catalyst of a meaningful downgrade of the ECB's 2016 inflation forecast in June or a tightening in monetary or financial conditions. Those conditions have not been met, in our view.