ECB minutes from the November 2015 governing council meeting
- Anticipated timing of of inflation getting back to target is likely to be pushed back again
- Downward revision of inflation outlook is potentially worrisome
- The rebound in underlying inflation is stalling
- Policy measures may not be gaining sufficient tractions to achieve inflation target
- Must re-examine degree of policy accommodation in Dec and be ready to act if necessary
- Risk of deflation relevant but has declined since the start of the year
- Disappointed with progress on structural reforms and implementation of the Junker plan
- Influx of refugees could boost growth through construction and investments
With all the good will in the world, refugees are not going to going to increase growth in the long term. It may do temporarily but in the end will cost many times more than what it gives
Anyway, the main points are the further confirmation of Dec as the all important date for next possible ECB action. Here's the minutes in full
