EFTA Document EFTA01458977

8 December 2015 World Outlook 2016: Managing with less liquidity From a market perspective, a potential tapering discussion will help support a partial normalization of core euro rates sometime next year. The timing of the repricing could depend on several factors, including the risk from EM countries and oil prices, which we discuss below. From a pure domestic perspective though, the dynamics of inflation and the unemployment rate would suggest a repricing in the second half of the year.