ECB releases its account of its July monetary policy meeting - 22 August 2019


  • Uncertainty around the near-term policy outlook had increased over past few weeks
  • Survey data had indicated a slowdown in global activity in the second quarter of 2019, particularly in manufacturing
  • The trade outlook had remained surrounded by uncertainty and there was no clear sign of stabilisation
  • Global trade remains subdued on the back of a weakening of global investment
  • Survey-based measures of longer-term inflation expectations had declined
  • Mechanical update of inflation projections point to lower path
  • Stimulus package more effective than sequence of selective actions
  • There is value seen in strengthening state-based component of forward guidance

The full minutes can be found here. It doesn't really offer much that we don't already know at this point, which is customary of how the ECB minutes usually are in the past.