Still in the action zone - ECB preview

Only a short respite? In normal circumstances, the ongoing stabilisation of the Eurozone economy should give the ECB enough comfort to relax a bit. However, three factors are still disturbing the ECB’s comfort zone: the Fed, higher money market rates, and lacklustre credit growth. Words still seem to be the first line of defence to shield the Eurozone from higher interest rates and a stronger euro. However, the strategy of words without deeds could soon wear out. Consequently, we still expect further ECB action in the next 6 months, with liquidity operations being the preferred option. Find our ING ECB preview here: http://pull.xmr3.com/cgi-bin/pull/DocPull/76-172966-2C82/47145481/2013082708155534_E.pdf