ECB Meeting Accounts: ECB to stand ready to adjust PEPP, other tools in June

The European Central Bank's (ECB) Governing Council will stand ready to adjust the PEPP and other tools at the June meeting, the accounts of the ECB's April monetary policy meeting showed.

Additional takeaways

"The view was widely shared that the Governing Council’s monetary policy measures had provided forceful monetary accommodation."

"It was cautioned that monetary policy was not able to address these problems on its own and that fiscal policy also needed to play an essential role."

"It was felt that the longer the crisis endured, the more the risk of financial amplification effects would increase."

"Looking beyond the immediate disruption stemming from the coronavirus pandemic, euro area growth was expected to resume."

"The ECB needs to stand ready to adjust its monetary policy stance as appropriate and also to ensure the functioning of transmission across the euro area."

Market reaction

The EUR/USD pair largely ignored this statement and was last seen losing 0.4% on the day at 1.0905.