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ECB Meeting Account Says 50bp Hike Demonstration of Council’s Ability to React to Changed Outlook
The account of the European Central Bank’s policy meeting of 20-21 July, released by the ECB on Thursday, confirmed the substantial support of the Governing Council for a rate hike of 50 basis points as a signal of ability to respond to altered circumstances. According to the account, Chief Economist Philip Lane characterised his proposal to hike the ECB’s key interest rates by 50 basis points rather than the 25 that had been previously flagged and largely expected as correct, given worsened inflation risks and in view of the ‘reinforced support’ in the form of a new anti-fragmentation programme. Lane argued ... (full story)