ECB publishes its accounts of the April monetary policy meeting
- Uncertainty of outlook has increased
- Slowdown has been broad-based
- Growth risks broadly balanced and growth is still solid, broad-based
- More pronounced weakening of demand can't be ruled out
- A view was expressed that ECB was close to a sustained adjustment of inflation, but most disagreed with that view
- Strengthening nominal wage growth provided some comfort
- Trade woes can trigger disorderly FX moves, volatility
- Risks of protectionism have become more pronounced
Nothing that we don't already know really. The discussions are mainly in line with what Draghi has explained in the presser on 26 April itself. They also didn't discuss the June meeting in April, so there isn't much to get from the minutes here.
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