Market news
06.02.2020, 09:22

ECB economic bulletin: Current monetary policy to sustain euro area expansion, buildup of inflation

  • Incoming information since the last Governing Council meeting in early December is in line with the Governing Council's baseline scenario of ongoing, but moderate, growth of the euro area economy.

  • In particular, the weakness in the manufacturing sector remains a drag on euro area growth momentum.

  • At the same time, ongoing, albeit decelerating, employment growth and increasing wages continue to support the resilience of the euro area economy.

  • The risks surrounding the euro area growth outlook, related to geopolitical factors, rising protectionism and vulnerabilities in emerging markets, remain tilted to the downside, but have become less pronounced

  • While inflation developments remain subdued overall, there are some signs of a moderate increase in underlying inflation in line with expectations.

  • The unfolding monetary policy measures are underpinning favourable financing conditions for all sectors of the economy.

  • In particular, easier borrowing conditions for firms and households are supporting consumer spending and business investment.

  • This will sustain the euro area expansion, the build-up of domestic price pressures and, thus, the robust convergence of inflation to the Governing Council's medium-term aim.

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