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ECB Minutes: Premature To Change Forward Guidance

Thursday, Apr 06 2017
ECB Minutes: Premature To Change Forward Guidance

According to the minutes from the ECB’s March Governing Council meeting, a very substantial degree of monetary accommodation was still needed to secure a sustained convergence of inflation rates towards 2%. Although deflation risks had been eliminated, there was insufficient confidence over inflation trend to consider any move towards normalisation and that it was premature to make any changes to forward guidance.

The minutes also reiterated that a short-term spike in would be looked through if inflation deemed to be transient. There was, however, agreement that both downside and upside risks to inflation continued to warrant close monitoring. A discussion on policy normalisation would also become warranted if the Euro area economy continued to recover and inflation proceeded further on the Council’s aim in a sustained manner.

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