- At today’s meeting, the Governing Council unanimously decided to not change its policy stance while continuing to see risks on the downside and maintaining a dovish bias.
- Concerns about QE restrictions becoming binding in the new QE program were downplayed but no details about the composition were provided.
- In his farewell press conference President Draghi reiterated his call for stronger fiscal action and talked down the rift within the Governing Council.
- Looking ahead, we expect the ECB to stay on hold for the time being.
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CALL FOR MORE FISCAL