European Central Bank April monetary policy meeting minutes were published on Thursday. Justin had the run down on the critical point:

Analysis via ING draws the same conclusion:

  • All in all, the minutes confirmed the increasingly hawkish tone of many ECB members since the April meeting. There seems to be an eerie feeling that the ECB is acting too late and quickly needs to join the bandwagon of monetary policy normalisation. This means that the question is no longer whether the ECB should hike interest rates in July but by how much. Former ECB President Mario Draghi once said that “when in a dark room you move with tiny steps. You don’t run but you do move”. It currently looks as if there is a growing majority at the ECB that wants not just to run but to sprint.

Former European Central Bank head Draghi is now the Prime Minister of Italy: