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According to the accounts of the European Central Bank’s April 10 meeting, policymakers noted that some recent data were even weaker than expected and added that the inflation was uncomfortably below the ECB’s aim.    

Key quotes (via Reuters)

  • Confidence in recovery in second half of 2019 somewhat lower but data still consistent with baseline.
  • TLTRO terms to be decided at one of the upcoming meetings; to take into account growth, bank-based transmission.
  • Some argued for TLTRO to function as backstop, some want to use it for adjusting policy stance.
  • ECB could consider whether side effects of negative rates need mitigation.
  • Negative deposit rate still contributing to increased loan volumes.
  • Signs of moderation in global activity have continued, trade weakness persisting.
  • Weakening loan dynamics observed since September, consistent with growth slowdown.