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ECB minutes confirm driving manually – ING

Carsten Brzeski, chief economist at ING, suggests that the ECB December meeting minutes point towards a positive economic assessment of Eurozone’s economy.

Key Quotes

“Interestingly, the Governing Council had a long discussion on how to label the risks to the growth outlook. While some members were in favour of keeping the risks 'balanced', pointing to potential upside risks stemming from lower oil prices and fiscal stimulus, others expressed their views that 'a case could be made for assessing risks to activity as tilted to the downside'. The final outcome of 'the balance of risks was moving to the downside' looks like a typical European compromise.”

“As regards to the future path of the monetary policy in the Eurozone, the minutes explicitly stated that “linking the reinvestment horizon to the interest rate “lift-off” signalled that the forward guidance on the key ECB interest rates was the Governing Council’s primary tool for adjusting the monetary policy stance.'”

“In our view, the ECB still intends to shelve negative deposit rates this year, at least in the absence of any real economic accident.”

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