- We know that we have more ground to cover
- 25 bps hike had almost unanimous support
- All governors determined to tame inflation
- Mood was very focused and attentive to all data
- We have covered a lot of ground... we are continuing this hiking process
- This is a journey, we have not arrived yet
- Some governors suggested 50 bps was appropriate, some said 25 bps but none said no change
- There was a very strong consensus around the path we chose
- Reports from corporates regarding borrowing suggest to us that rates are restrictive
- Corporate demand for bank loans was "really, really down"
- We had long discussions about core inflation and underlying inflation
- I'm not here making any commitment to cut at any point
De Guindos:
- Regional banks share business model but it's not applicable to European banking industry