ABN Amro: Conclusions from the meeting of the ECB

ECB's press conference from the last week suggests that the European Central Bank is standing in the way of a phased exit from its flexible monetary policy, say experts from ABN Amro.
As believe in ABN Amro, as a first step in this direction, the Central Bank of Europe will make the meeting of the Board of Governors in June. The message for the markets will become more neutral and the possibility of reducing of interest rates in the future or further quantitative easing will drop, analysts say. Then, in September, the ECB will make an announcement on plans to reduce the program for the purchase of assets in 2018, they added. This will depend on the progress of inflation.
At ABN AMRO predict that the reduction in the monthly volume of purchases of assets will begin in April 2018. The pace of reduction would be equal to 10 billion per month. Thus in September 2018 the program for the purchase of assets will be completely phased out, analysts said.
They add that the first increase in interest rates on deposits by the ECB will be in March 2019.