Now it is happening in quick succession: after Austria's central bank chief Robert Holzmann and the Dutch central bank governor Klaas Knot, Bundesbank President Jens Weidmann has now also called for the central bank to finally talk about the central bank's bond purchases in the ECB Council, the highest monetary policy body of the central bank will.

Weidmann does not yet want to decide when the central bank will finally exit its crisis bond purchase program PEPP.

So far, the end of March next year is planned.

"So that the purchases don't have to end abruptly, we should reduce them step by step beforehand, if the situation allows," says Weidmann.

Christian Siedenbiedel

Editor in business.

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There is a lot at stake: The “hawks” in the ECB Council, that is, the proponents of a tighter monetary policy, are clearly positioning themselves. They want to cut back on bond purchases as soon as possible and, preferably, stop them at some point. The “pigeons”, the advocates of a looser monetary policy, often more from southern Europe, prefer to hold onto their purchases for as long as possible. The game of pressure and counter-pressure of the differently minded central bankers is also moving the financial markets at the moment. As early as Tuesday, the first statements by ECB Council members on the subject had the euro exchange rate rise and the rates of government bonds fall.

America has now submitted.

Jerome Powell, head of the US Federal Reserve (Fed), made cautious statements about inflation and interest rates at the central bankers' conference in Jackson Hole last week; many had expected clearer announcements.

However, he did not rule out a reduction in US bond purchases later this year if the economic situation permitted.

Will you stay with the rapid bond buying?

And what about the ECB?

At the moment, Europe's central bank is still buying bonds worth around 80 billion euros every month as part of its PEPP crisis program.

And then again for around 20 billion euros in securities as part of their older APP bond purchase program, which dates back to the time of the former ECB President Mario Draghi.

In the coming week on Thursday, the ECB Council will have to decide: will it keep the high rate of bond purchases in the fourth quarter, i.e. in the months of October to December, or will it at least slow it down a bit?

In any case, the investment bank Goldman Sachs expects the crisis program to be throttled from 80 to 65 billion euros per month.

After all, there are strong arguments why the central bank could now take things a little easier with its bond purchases.

Inflation in the eurozone has just risen to 3 percent.

In addition, the economy is growing noticeably, not only in Germany, but also, for example, in Italy.

And last but not least, the financing conditions for companies and households are good, as the Governing Council says.

ECB Vice President Luis de Guindos expressed himself quite confidently about the economic development in the euro zone on Wednesday - perhaps a signal that the top of the central bank could also support a curtailment of bond purchases in the coming week. “The latest data are very positive,” emphasized de Guindos.