The minutes of the ECB’s October meeting confirmed the central bank’s alertness on the weakening economic outlook, the impact of the second lockdown and the potential downward revisions of the ECB’s projections. The minutes echoed the official wording at the October press conference that the risks surrounding the growth outlook are “clearly tilted to the downside”. During the discussion, the ECB did not only touch upon the short-term outlook but also emphasised: “the possibility that the pandemic might have longer-lasting effects both on the demand side and on the supply side, reducing potential growth”. Also, the ... (full story)