Bill O’Neill, chief investment officer for Europe, the Middle East and Africa at Merrill Lynch Wealth Management in London, said the U.S. may need a third round of so-called quantitative easing if the country’s unemployment rate remains at around 9 percent in 12 months and economic growth doesn’t accelerate beyond 3 percent.

He made the comments at a press briefing in Helsinki today. The baseline assumption remains that a third round of quantitative easing won’t be needed, O’Neill said.