In the accounts of ECB’s October 23-24 meeting, it’s noted that incoming information confirmed “the pronounced slowdown in euro area economic growth and a continued shortfall of inflation”. That vindicated the new monetary stimulus package announced back in September’s meeting. “Confidence” was expressed that the package would provide “substantial monetary stimulus”. But the measures “should be allowed more time” to fully unfold their effects.
Looking ahead, a strong call was made for unity of the Governing Council” as it’s important to “form a consensus” to unite behind the commitment on inflation target. And there was call on “other policymakers”, in particular fiscal policy”, “notably of governments with fiscal space, had to play a more prominent role to stabilise economic conditions in view of the weakening economic outlook and the continued prominence of downside risks.
