The ECB’s balancing act |
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At the July meeting, the ECB hiked the refi rate by 25 bp, contemporarily adopting a more relaxed stance. However, the damage in terms of growth perspectives was already done. The sizeable tightening in overall financial conditions triggered by the June press conference will impact on the growth outlook, especially in 2009. We now see next year's GDP averaging only 1.0%, after 1.6% in 2008 . The inflation outlook remains basically an oil story. The ECB's statement sounded more dovish on growth
Filed under: Fundamental
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