Accounts of the July 24-25 ECB policy meeting showed that members “broadly supported the reintroduction of an easing bias” to the forward guidance. That came in light of “weakness of the economic outlook and the muted inflation developments”.
For further easing, “the view was expressed that the various options should be seen as a package, i.e. a combination of instruments with significant complementarities and synergies”. That’s because “experience had shown that a policy package – such as the combination of rate cuts and asset purchases – was more effective than a sequence of selective actions.”
