Bank's Governing Council Said at the July 22-23 Meeting That They Would Not Have Opposed a Rate Hike Last Month, According to the Minutes

The minutes show that some policymakers "observed that, given the incoming data supporting further monetary tightening, they would not have opposed a rate hike" already in July. The same central bankers also argued that rates need to move into slightly restrictive territory, the minutes said. The ECB ultimately decided unanimously to keep rates unchanged, but it expects to have room to maneuver to act at subsequent meetings. The minutes assessed the monetary policy stance as slightly restrictive, according to the account of the discussions.