Draghi will make clear that tapering has not yet even been considered. He will emphasize that the program runs until March, at least, and so they have plenty of time to plan the exit. There’ll be no taper-tantrum today. Far from tapering, it’s likely that the Asset Purchase Program will be prolonged even further beyond March, although perhaps not formally so at this meeting. An extension will require technical adjustments that may need more time to work out.