ECB: Strong call for unity was made at October meeting

Author: Justin Low | Category: Central Banks

ECB releases its account of its October monetary policy meeting

  • Frank discussions necessary but it is important to form consensus
  • And  to unite behind inflation goal
  • Economic data raised question as to whether weakness would continue for longer than anticipated during September meeting
  • There was wide agreement that more information is needed to reassess the inflation outlook and impact of ECB measures
In terms of policy, there was also a plea made for patience to let the September package do its job. In other words, that means leaning towards a "wait and see" posture.

But the key takeaway for me is the supposed "strong call" for unity on future policy decisions. I think that goes to show how fragmented the governing council is at the moment and that is something that Lagarde needs to seriously address - and soon.

The full minutes can be found here.

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