Governing Council of the ECB: Monetary Policy Meeting

Robert Sierra, Director, Fitch Ratings’ economics team, shares his perspective.

ECB press conference April 2018
“After significant changes to its language in the March statement, today’s meeting was always likely to be a more lacklustre affair. But while Draghi confirmed that the underlying pace of expansion remains broad and solid, the recent moderation in growth indicators likely made the ECB even more determined not to rock the boat this month. Given that only two more meetings remain before September, the window is getting narrower for the ECB to communicate its expected change to forward guidance and policy. Along with the recent flat core inflation numbers and Draghi’s emphasis in the press conference on the impact of the stronger Euro on inflation, the ECB’s tone has become slightly more dovish. “
(L) Brian Coulton, Chief Economist (R) Robert Sierra, Director