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Last Thursday, the ECB decided on the following: a) A nine-month extension of QE until December 2017, at a slower monthly pace of EUR60bn starting in April 2017 (vs EUR80bn currently); b) A possible extension of QE, in size and timing, if financial conditions lead to a deterioration of inflation expectations or if the economic outlook weakens; c) An extension of the maturity of the securities purchased within the public debt purchasing programme (1-30 years vs 2-30 years previously),; d) The possibility, if required, of purchasing bonds below the repo rate as part of QE.