Mario Draghi, President of the European Central Bank (ECB) has indicated that the time may be approaching to start reducing the long standing asset purchase programme (QE) in the Eurozone, saying 'All the signs now point to a strengthening and broadening recovery in the euro area,' but that monetary policy must be kept constant for the time being. Signs of reflation were mentioned, but that the recovery is not quite stable enough yet to take firm action. This small shift of sentiment has been enough to cause waves in EU markets, particularly in bond markets where prices have been falling as the outlook for the supported asset class potentially worsens. The Euro is also showing strength against major currencies, which is in turn hurting European stocks that rely on exports, edging European markets off of recent highs.