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Account of the monetary policy meeting of the Governing Council of the ECB
Ms Schnabel reviewed the financial market developments since the Governing Council’s previous monetary policy meeting on 3-4 June 2020. In both advanced and emerging market economies, financial conditions were approaching pre-pandemic levels at a slowing but steady pace, as also reflected in the strong recovery in global stock markets. In the euro area sovereign bond markets, pre-pandemic funding conditions had by and large been restored. Market-based measures of inflation expectations had also recovered further, albeit from very low levels, and risk premia on short-term funding for both banks and corporates had ... (full story)