- There were different views around the table on the path of rates
- The decision that was made today wasn't accelerating normalization
- We are not accelerating normalization
They've clearly tilted more hawkish. Monthly purchases were scheduled to be 40 billion euros in Q2 and 30 billion in Q3. They're now going to be tapered to 20 billion in June. How is that not 'accelerating normalization'?
- Rate hike could come 'months after' the end of QE or could be 'weeks after'
- 'Some time' could mean weeks or months
- Makes a push for central bank digital currency
- There were some members who thought that despite uncertainties we should move ahead
- There are upside risks to inflation in the short term but also in the medium term