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HOUSE_OVERSIGHT_014460 - HOUSE_OVERSIGHT_014497
e ECB will start to unravel some of its easing measures in 2017 but they do expect the debate to be a vigorous one within the ECB. For the first time Gilles Moec thinks there is a chance that the ECB will indeed choose to taper. Relief or Revolt relates to the French election. Will Europe follow the UK and US
Page: HOUSE_OVERSIGHT_014465 →EFTA01462159
undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Mark Wall/Gilles Moec Page 4 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124564 CONFIDENTIAL SDNY_GM_00270748 EFTA01462159
EFTA01462153
undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Mark Wall/Gilles Moec Page 4 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124553 CONFIDENTIAL SDNY_GM_00270737 EFTA01462153