With c€1.3 trillion in excess liquidity, and banks suffering from ZIRP, the ECB is likely to create more problems than benefits if it maintains its quantitative easing program.

Daniel Lacalle is a PhD in Economics and author of  “Escape from the Central Bank Trap” (BEP), “Life In The Financial Markets”and “The Energy World Is Flat” (Wiley).

@dlacalle_IA