European Central Bank officials were in no rush to cut interest rates when they met last month and saw September as the next best opportunity to consider further easing, according to minutes of the July 17-18 meeting released Thursday.
The ECB kept interest rates unchanged last month and gave almost no signal about its future actions, even as investors increasingly bet on monetary policy easing in September.
“A gradual easing of monetary policy restrictions was a balancing act, as it was also important not to unduly damage the economy by keeping interest rates at a restrictive level for too long,” the minutes showed.
“The September meeting was widely seen as a good time to reassess the level of monetary policy tightening,” the ECB added. “This meeting needs to be approached with an open mind.”
Source: Terra
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