Used to think that way but I am starting to think differently. I think the goal is to peg EUR/USD between 1.40-1.50. Seems to be a target, not sure why. Slower easing keeps the USD from appreciating, which might be what is desired to be prevented. Stable FX rate = dollar peg (or band) which then allows everything else to adjust and things to work themselves out. Not sure I believe this yet either but trying to understand recent confusing moves. oh - hey Pabst - you have been reading Russell Napier's book again too? That was my toilet reading this morning.