The meeting of the Central Bank Council of the ECB next Thursday will be exciting.
After the Council succeeded in agreeing on a new strategy without internal distortions, the derivation of current monetary policy conclusions from the new strategy threatens to be much more controversial.
Basically, the question is what role security purchases should play in the future.
In view of the low interest rates in severe crises, securities purchases by central banks are no longer controversial for good reasons.
But the economy is no longer in serious crisis.
The situation is particularly absurd in America, where the Fed is still buying numerous securities despite a strong economic recovery, an inflation rate of over 5 percent and rising prices for a number of assets.
Strong forces in the ECB want to follow this example.
What is supposed to prove vigor is nothing more than fear of the financial markets and a lack of confidence in the ability of economies to recover without permanent help.