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MNI ECB Review (Part 2)

ECB

MNI ECB Review (Part 2)

  • Overall, the press conference suggested that while there remains heightened economic uncertainty and risks are tilted to the downside, the ECB does not feel a pressing urgency to do more at this stage. In other words, the GC decisions and communication feels slightly less dovish compared to the June meeting, while still pointing in the direction of sustained monetary accommodation. Expectations are higher for the December meeting when the ECB will have greater visibility on the strength of the economic recovery (and possible regional divergences) and staff macroeconomic projections will be updated alongside the new forecasts for 2023.
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