The comments of Ardo Hansson, Governor of the Central Bank of Estonia and member of the Board of Governors of the ECB as follows:
- The ECB's next step should be a large-scale recalibration of the monetary stimulus program rather than a change in the duration or volume of quantitative easing.
- The steps of the ECB may include new refinancing, reworked guidance and more details on reinvestment
- The ECB should discuss making its guidance symmetric, ready for both options whether to increase or decrease asset purchases when necessary.
- The tightening of monetary policy should be done gradually.
