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ECB Watch: Rising inflation risks
The especially long (around 25% longer compared to the June account) monetary policy account from the ECB July meeting had generally a positive tone, and a lot of focus was understandably on the new forward guidance on rates. While a few members upheld their reservations, the new guidance was supported by a large majority of the Governing Council. It seems the decision to continue net asset purchases under the Pandemic Emergency Purchase Programme (PEPP) was taken without much discussion, leaving the debate on that question for the September meeting. The revised guidance is another attempt to bring inflation to the ... (full story)