Smets upbeat on growth
- Eurozone growth better than staff forecasts suggests
- Growth better than seen by staff in March. Investment rise likely not a blip
- Low headline and core inflation is important point of concern; vigilance required
- Eurozone wage growth is showing a downward trend
- Announced measures need time to work but ECB would act again if there was a negative shock
The main takeaway is that the ECB is in wait-and-see mode, so don't expect any measures soon.