EFTA Document EFTA01462158

26 August 2014 Data Flash: ECB: Private OE in September It the ECB does not have an appetite for mezzanine. the route to the success of ABS purchasing will be via the expansion of the ECB balance sheet and the impact of this on the EUR exchange rate. Our FX strategists reckon that of the roughly 4% decline of the euro trade-weighted index since March roughly a quarter of this was the negative deposit rate and the remainder implies an expectation of roughly E300bn of ECB balance sheet expa