ECB minutes from the January 2016 governing council meeting
- Risks to economic outlook are on the downside and have increased since Dec
- A point was made that it would be preferable to act pre-emptively to counter downside risks
- ECB needs to avoid complacency but should not convey unduly gloomy message
- Reassurance is needed that there were no limits to how far the ECB was willing to deploy instruments
- ECB willing and able to take further action if needed
- ECB working to ensure technical conditions are there for further easing
- Export demand has been influenced by FX developments
- EZ recovery is continuing on consumption growth
- Concerns were expressed that China could have a hard landing as it rebalances
So far nothing game changing here. It looks like euro sellers are disappointed that there wasn't any further clues on easing in March.
