Minutes of the European Central Bank meeting: economic slowdown more persistent concern about falling inflation

SMM News: the European Central Bank released the latest minutes of its monetary meeting on Thursday, showing that the ECB believes the economic slowdown may last longer and that hierarchical interest rate policy will have a negative impact. In addition, the ECB has expressed concern about falling inflation.

The ECB minutes show that the slowdown is likely to be more prolonged than previously expected and that downside risks are more widespread, amid fears that weak manufacturing will eventually spread to the services sector and that economic forecasts may need to be downgraded. At the same time, the outlook for global trade is likely to remain depressed.

The minutes of the ECB meeting said some members were concerned about the possible unintended consequences of tiered interest rates and needed to strengthen country-based forward-looking guidance.

On inflation, the minutes of the ECB meeting said that the decline in long-term inflation expectations was a matter of concern, with most members expressing concern about the decline in inflation expectations and the need to dispel doubts about the ECB's ability to revive inflation.

At present, the eurozone manufacturing PMI has fallen into a shrinking range, while the service PMI data is still above the rise and fall line.

According to the data released on August 22, the initial value of Markit manufacturing PMI in August is 47, the previous value is 46.50, and the expected value is 46.20; in August, the initial value of PMI in Markit service industry is 53.40, the previous value is 53.20, and the initial value of Markit in August is 51.80, the former value is 51.50, which is expected to be 51.20.

MARKIT economist Harker said that the eurozone economic momentum changed little in August, the service sector continued to show steady growth, based on the current PMI data, eurozone GDP growth is expected to be between 0.1 and 0.2 per cent.

Scan into the group and get the "SMM exclusive Industry chain package" for free.