But why is nobody questioning whether the ECB has a clear exit strategy that will allow these bond holdings in the periphery to be unwound in an orderly fashion?
I put that question to Jens Weidmann, head of Germany's Bundesbank. His response was terse: "This is a discussion that should be held within the governing council, not in public."
I have a feeling the ECB may not have much of a plan yet. Shoot first, think later?
With this in mind, is it possible to avoid yet another taper tantrum?
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To be honest, I think the answer is no. The unwinding of a large consensus position by investors practically at the same time is bound to be messy.
But some economies may fare better than others when huge capital flows are reversed. Take India, for example.
The nation's currency market was hard hit by the initial taper tantrum in May 2013, when the Fed's policy minutes sparked fears that the central bank could start tapering off its $85 billion-a-month bond purchasing program. The issue was only compounded by the country's high current account deficit.
Now, two years later, the Indian rupee is the only major currency that has appreciated against the U.S. dollar this year, driven by a lower oil price, reforms in the country's supply chain, a sharp narrowing in its current account deficit and optimism in future policies under the government.
Let this be a lesson for the periphery nations whose borrowing costs have dropped to record lows.
Goodbyes might never be easy -- but good planning can do its part in alleviating the shock.