As the euro-area recovery strengthens, the pressure on the ECB increases to work out a smooth exit from its expansionary monetary policy. The US Federal Reserve already went down this road. It terminated its asset purchasing programme from 2013 to 2014. This blog post compares the economic situation and financial market risks in the US at that time with the situation today in the euro area.
Philipp Ständer is Advisor at the Federals Ministry of Labour and Social Affairs, he formally worked for the Jacques Delors Centre.