- Following the announced intended interest rate path was seen as important to instill confidence and avoid creating further uncertainty in financial markets
- Some members would have preferred not to increase the key rates until the financial market tensions had subsided
- Members agreed that the elevated level of uncertainty reinforced the importance of a data-dependent approach to future policy rate decisions
- If inflation outlook matches the staff projections, ECB would have further ground to cover in adjusting the monetary policy stance
- Members generally agreed to refrain from communicating unconditional expectations for the future interest rate path
- Full accounts
All of the above are not anything new and do not contribute much to the debate between 25 bps and 50 bps for the May meeting. Carry on as you will.