ECB: PEPP had established itself as an important anchor of stability for euro area bond markets

Author: Justin Low | Category: Central Banks

ECB releases the account of its April monetary policy meeting - 22 May 2020


  • Monetary policy measures had provided forceful monetary accommodation
  • Fiscal policy also needed to play an essential role to address problems
  • ECB members concerned that economic scenarios may become outdated
  • The 'mild' scenario is probably too optimistic
  • At June meeting, ECB would have to stand ready to adjust PEPP, other tools
The full account can be found here. But it isn't saying much that we don't already know at this stage. Interestingly, the ECB is thinking that their latest forecast is probably 'too optimistic'. That once again reaffirms the changing view that any quick recovery may not materialise.

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