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- ECB president Draghi: Significant monetary stimulus is needed
ECB president Draghi: Significant monetary stimulus is needed
- Inflation pressures muted
- We have tasked Eurosystem Committees to examine options
- Data point to somewhat weaker growth in Q3 and Q4
- Weakness primarily due to softer global growth, and hurting Eurozone manufacturing
- Significant monetary stimulus is needed
- Risks around growth outlook are still tilted to the downside, relating to uncertainty and protectionism
- Inflation likely to decline in coming months but will rise near year-end
- Underlying inflation muted
- Labor-cost pressures strengthened due to tight labor market, but pass through not as fast as anticipated
- Cross-check confirms that ample degree of monetary policy accommodation is still needed
- Outlook is getting worse and worse
- Previous forecasts showed rebound in Q2 but now incoming signs show weakness
- The balance of risks is on the downside
- The prolonging of uncertainty is a materializing of risks
- Highlights easing bias and high degree of optionality
- We had a broad discussion, on most things we converged
- There were different nuances, as you would expect from such a broad package
- Mandate to committee is broad
- We don't like what we see on the inflation front
- Any rate cut would come with mitigating measures
- No discussion about cutting rates today
- Want to see next round of projections before taking action
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