Weekly Economic Briefings > Eurozone Weekly Economic Briefing > Eurozone

With the ECBs asset purchase programme due to expire in just four months, this months ECB meeting was remarkable for the deafening silence on what comes next. Certainly, there was almost no attempt to prepare the market for an extension of the programme beyond the statement that an abrupt end to the ECBs purchases was unlikely. The decision on what to do next was therefore deferred until December. Given the relative lack of new data we therefore focus on Greece, where the second programme review got underway this week in Athens. While the typical narrative is that this review will be easier than the first, we wonder if this will be where the existing programmes shortfalls begin to become apparent.