Monetary policy stance remained very accommodativeLarge number of members held the view that current level of high inflation called for immediate further steps towards policy normalisationIt was argued, that for all practical purposes, three forward guidance conditions have been metA longer period of above-target inflation would lead to increased risk on upward de-anchoringIn such a circumstance, ECB could no longer afford to look through higher inflationThe view was taken that APP purchases had by now fulfilled its stated objectiveNonetheless, it is seen as wise to keep some two-sided optionality on policyFull accountThere are some hawkish mumblings based on the remarks above but recent ECB commentary does not suggest that policymakers are too keen to push the agenda. So, that is making things a bit confusing in my view. I wouldn’t say a lot has happened over the course of the past four weeks but it certainly has perhaps.If the ECB thought that rate hikes could do them some good, they definitely do not share as strongly a view on that now.