Swiss Economicblogs.org
The ECB took its first step towards a very slow normalisation of its monetary stance – a very small one, but symbolically important nonetheless.As we expected, the ECB moved to a more neutral stance today by describing the risks to economic activity as “broadly balanced” and by removing its bias to even “lower” policy rates. The symbolic significance of the move should not be underestimated. It is the first time that the balance of risks to growth has been upgraded since August 2011, just...
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