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