What we learned from the ECB's Villeroy
The ECB has "many options open regarding the size and length of instruments like our APP, excluding either a sudden stop of its contribution to our accommodative policy in March, or the continuation of the same contribution forever."
In theory, he could be saying that the balance sheet would continue to contribute even if they weren't buying more but not even a central banker would be that obtuse.
Be more German
On growth, he said that several countries including Germany and Spain were making wide-reaching reforms compatible with the European social model. He said Italy and France must make similar reforms "in the right direction."
Overall, he said Europe must make more progress towards economic union so monetary policy is not the "only game in town."
To me, he's showing a tremendous amount of tone-deafness here. The European project is on hold indefinitely as they try to patch up the problems.
On monetary policy, we really don't know much about how strongly the ECB wants to continue to push but we're into the zone where genuine leaks and realistic conjecture are likely to seep out.