In an interview with Bloomberg TV, Pill weighed in on the euro crisis and where it goes next.
Regarding the ECB's OMT bond market intervention program – unveiled in August but yet to be implemented – Pill said it really only buys time for the central bank:
There will remain risks. I think those risks – or perhaps the extreme tail risks – have been contained by the ECB's actions, but I think there are certainly threats of greater volatility or some disturbances.
I think this phase will continue probably for another year. Likely longer – almost certainly for 18 months, and it will only be at that sort of horizon that we can really begin to even think about coming through the crisis.
Pill also had some bad news for those waiting for the ECB to make a big splash in peripheral bond markets: