Scaling back stimulus could risk inflation progress – ECB minutes

The minutes from the ECB's latest monetary policy meeting revealed policymakers concern over the political uncertainties at global level and within Euro-zone. 

Key highlights:

   •   Agreed scaling back stimulus could risk inflattion progress
   •   Underlying inflation lacks a convincing upward trend
   •   Widely agreed to maintain very substantial stimulus 
   •   See room for ‘Trade-Off’ on rules for asset purchases
   •   Asset purchases below deposit rate should be kept to a minimum
   •   The is no second round effects from higher oil prices so far
   •   Second round effects would unfold rather slowly

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