ECB accounts: Some members viewed it as important to act on policy without undue delay

So as to demonstrate the ECB’s determination to achieve price stabilityMembers widely expressed concern over high inflation numbersMany of the upside risks to inflation outlook that was discussed last summer had materialisedMembers pointed out it was hard to imagine sustained higher inflation without increase in wage pressuresThe notion of „some time“ should not prevent timely rate rise if conditions so warrantedFull accountI think it is clear enough that the ECB is arguably unanimous in proceeding with a July rate hike. That said, it was expressed that „even relatively small steps might be sufficient to turn the current accommodative monetary policy stance into a restrictive stance“. That’s something to consider when it comes to viewing how aggressive the central bank is going to be in the months ahead.I mean, when you consider stagflation risks and a looming recession, the point being made about reaching the neutral level „only at a very late stage of the normalisation process“ may not necessarily mean the ECB could afford to hike continuously without interruptions this year.All this are but some food for thought for the coming months, in any case.

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