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DRAGHI

The release of the December ECB meeting minutes last week confirmed that the central bank is comfortable with its current monetary policy situation.

The minutes were closely watched following the ECB’s warning during the December meeting that risks are now” tilted to the downside”.

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Draghi said that although policymakers judged risks to be “broadly balanced”, the balance had shifted recently and “was moving to the downside”.

Indeed, Draghi even added that these downside risks “made the appropriate extent and timing of future policy firming less clear than earlier.” With this in mind, traders were carefully scrutinising the minutes for any signs that the ECB might be open to renewing its easing stance this year if these downside risks develop further.

Notes from the minutes

Ultimately, there as very little in the way of actual discussion regarding the prospect of new e...


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