ECB Account Identifies Near-Term Outlook Deterioration

November 26, 2020

Minutes from the October 28-29 meeting of the European Central Bank‘s Governing Council warn of a “clear deterioration in the near-term outlook” following the strong third-quarter rebound. Known as the ECB Account, the document cites euro appreciation as well as week demand and lower wage pressures as factors behind very subdued inflation. The second Covid wave has made the outlook for services particularly “gloomy.” A thorough reassessment of the economy and policy will be done at the committee’s December meeting.

Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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