Liquidity in Europe Is Expected to Shrink by the End of June

We've seen liquidity additions through March and April from the US, while we've seen a pretty flatlining development in liquidity in Europe. And we now also basically know that liquidity will shrink quite a lot into the end of the second quarter in Europe. The reason is that the so-called targeted long-term operations of the European Central Bank will stop maturing in June, September, December. We should expect a withdrawal of right about 600 billion euros by the end of June. That is roughly equivalent to the liquidity withdrawal that I expect in dollar markets.