EFTA Document EFTA01459730

5 February 2016 Focus Europe: Dark clouds. no storm yet Central Banks & Financial Forecasts Euro Area We expect a 10bp deposit rate cut in March. Unless data surprise to the upside, a temporary acceleration in QE seems likely. If data surprise to the downside, this might not even be a front-loading but an increase in the QE envelope. The ECB also has an opportunity to think about a negative rate shield. UK We recently updated our call. Our view of liftoff in May 2016 was becoming diffi