20 Feb 2015
ECB accounts a useful addition to watching toolkit - Nomura
FXStreet (Bali) - Thursday saw the first publivation of the ECB accounts - minutes - with Nick Matthews, Economist at Nomura, noting that this release is likely to prove to be a useful addition to the ECB Watching toolkit over time.
Key Quotes
"No substantial new information, but a useful addition to the ECB Watching toolkit The first publication of the ECB’s “Account of the monetary policy meeting” (for the 21-22 January 2015 meeting) provides a better understanding of Governing Council procedures and the debate behind policy considerations. However, the Account did not provide any substantial “new” information or offer any major surprises to question or challenge what we thought we already knew or understood. The Introductory Statement and ECB President Draghi’s post-meeting press conference on the day conveyed most of the key information and colour around the QE debate (e.g. strength of support for QE, risk sharing, etc, as per ECB in for the long haul (Post ECB meeting), 22 January)."
"Therefore, while the Accounts are welcome in providing additional transparency, it remains to be seen how pivotal they will be in addition to the existing Introductory Statement/press conferences. That said, some of the nuances around, inter alia, the assessment of the balance of risks to the growth outlook as well as the flavour of the debate (and even elements not debated) are welcome, with the Accounts likely to prove to be a useful addition to the ECB Watching toolkit over time."
Key Quotes
"No substantial new information, but a useful addition to the ECB Watching toolkit The first publication of the ECB’s “Account of the monetary policy meeting” (for the 21-22 January 2015 meeting) provides a better understanding of Governing Council procedures and the debate behind policy considerations. However, the Account did not provide any substantial “new” information or offer any major surprises to question or challenge what we thought we already knew or understood. The Introductory Statement and ECB President Draghi’s post-meeting press conference on the day conveyed most of the key information and colour around the QE debate (e.g. strength of support for QE, risk sharing, etc, as per ECB in for the long haul (Post ECB meeting), 22 January)."
"Therefore, while the Accounts are welcome in providing additional transparency, it remains to be seen how pivotal they will be in addition to the existing Introductory Statement/press conferences. That said, some of the nuances around, inter alia, the assessment of the balance of risks to the growth outlook as well as the flavour of the debate (and even elements not debated) are welcome, with the Accounts likely to prove to be a useful addition to the ECB Watching toolkit over time."