The headquarters of the European Central Bank (ECB) in Frankfurt. The twilight of QE is finally upon us. Photo: dpa / Arne Depart

The German press is too unimaginative to make stuff like this up. The story is that the ECB wants to avoid a taper tantrum and the Germans agree — for the time being. As I mentioned before, people in Berlin don’t expect much to happen before the new coalition government is formed at the end of the year.

“The European Central Bank just can’t seem to end its bond-buying program,” Handelsblatt writes ahead of the ECB meeting Thursday. “Instead, it looks likely to announce a ‘lower for longer’ approach. Sources say even Germany’s central bank may agree.”

“The best way to stop a tantrum? Don’t talk of a taper. In that vein, the ECB seems increasingly unlikely to actually announce an end-date for the trillion-euro bond buying program that has been at the center of its efforts to boost the continent’s economy. Even the German central bank, long a critic of the ECB’s policies, seems unwilling to risk a tantrum now.”