Minutes from the ECB’s latest monetary policy meeting were released yesterday. The word ‘uncertainty’ appeared 20 times, which probably sums up the outlook for most central banks at the moment. There were no huge revelations, but officials were keen to distinguish between economic ‘rebound’ and ‘recovery’, saying that despite recent positive data, there was no room for complacency in the current climate.
There was a little controversy over the coronavirus recovery package. Some officials weren’t keen on the possibility of an increase to the 1.35 trillion euro programme, whilst others called for flexibility.
