ECB council divided on forward guidance, minutes show

European Central Bank headquarters, Frankfurt

The minutes of the latest European Central Bank policy meeting on July 22 confirmed the governing council’s divisions on its new forward guidance.

The accounts published on August 26 acknowledge that “few members upheld their reservations”. A group of governing council members considers the ECB’s new policy guidance on interest rates indirectly entails an overshooting of the 2% inflation target. The minutes say they think this framework will keep interest rates at their present or lower levels

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