The European Central Bank risks running out of German debt to purchase under its quantitative-easing plan at the end of the first quarter -- just around the time the program is currently scheduled to expire -- and tweaking the parameters won’t give policy makers scope to extend it much beyond the end of next year, according to Goldman Sachs’s Rohan Khanna. The pool of QE-eligible bunds has been shrinking rapidly as political uncertainty and financial-market turmoil bolstered demand for safe assets. Any one change to the rules will buy the ECB between 2 and 10 months, Khanna estimates, unless the economy improves or other asset classes are added to the mix.

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