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More on today's meeting

ECB
  • The ECB has confirmed to our policy team it will take place.
  • There are no details on timings.
  • There are no details on whether the discussion will be kept internal or whether there will be any press release after.
  • There is also no detail on exactly what will be discussed - possibly the fragmentation tools. Note Schnabel said in her speech yesterday "Monetary policy will need to respond to destabilising market dynamics. We will not tolerate changes in financing conditions that go beyond fundamental factors and that threaten monetary policy transmission."
  • She also said that " Our commitment to the euro is our anti-fragmentation tool. This commitment has no limits. And our track record of stepping in when needed backs up this commitment."
  • There could be significance in this line saying there are "no limits". Is this going to be akin to the ECB's "Whatever it takes" language?
  • Are these meetings normal? No, but they did hold some towards the start of the pandemic.
  • Our Policy team are trying to find more details.
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