Dr. Stephen Kinsella:

Mario Draghi said the European Central Bank will keep doing this as long as it needs to be done. There is no effective limit to the amount involved. They could do it for five more years. They would signal well in advance as to how much they are going to taper or buy. Say, at a given moment they are buying €60 billion a month but will reduce it by €5 billion over the next eight months and level it off, they will do that to increase the amount of forward guidance they give the markets about this. In this realm, the guidance that is given about the future is as important as the spot market today. They are very careful about how they message this stuff. They will work very hard to keep that message. The markets will price it in beforehand and we will start to see things trend up again.