###POV The ECB releases its account of the......>

ECB: ###POV The ECB releases its account of the monetary policy meeting from

July 19-20 at 12.30BST today. 

- Remember that the July meeting was looked at in the afterglow of Draghi's

speech at Sintra on Jun 27 at which he spoke of a "strengthening and broadening

recovery" and "deflationary forces had been replaced by inflationary ones".

However the Jul 20 ECB meeting did not make any changes to rates or forward

guidance.

- At the press conference Draghi said that there was "no convincing sign of a

pick-up in underlying inflation". Somewhat a U-turn. 

- This is the environment for the meeting's Minutes. Key questions will be why

was there a Draghi U-turn and also the stress placed upon the euro's 

appreciation in influencing already low inflation rates. Too much emphasis on

the currency will dampen hopes for an early taper. This could knock the Euro,

cause short dated German paper to outperform OIS/swaps and tighten periphery

spreads.