Dovish words from the European Central Bank (ECB) this week have fueled speculation of more accommodative monetary policy if Italians reject constitutional reforms this weekend, but one economist has told CNBC that it might not be that simple.
"The market believes that we are basically in for QE (quantitative easing) infinity in Europe and that might be a stretch of the imagination," said Elga Bartsch, Morgan Stanley's global co-head of economics.
While the Morgan Stanley economist acknowledged the rhetoric emanating from ECB President Mario Draghi this week arguably did imply there could be a so-called "Draghi put" in the case of a "no"vote in the referendum, she also posited that this view was somewhat simplistic.
"There was strong communication from him (Draghi) and a number of executive board members at the ECB, but at the same time, the views of the broader council and among the national central bank governors seem to be a little bit more mixed," she explained.
"For instance, the debate as to whether instead of extending by six months at 80 billion (euros), just to do nine months of 60 billion (euros) doesn't really want to go away," Bartsch noted.