ECB governing council minutes stress need for good communication
Members disagreed over ‘second-round effects’ in wage dynamics
Members of the Governing Council of the European Central Bank (ECB) stressed the importance of communication, according to minutes of its meeting on January 20–21, published today (February 18).
There was "wide agreement" among members that the ECB's communications on monetary policy should be "appropriate". They must find "a way that avoided complacency" while also avoiding "an unduly gloomy message" that could "contribute to self-fulfilling dynamics".
It was "important to better understand the
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