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• We expect the ECB to remain on hold due to encouraging incoming economic data but it is a close call.
• Weakness in price developments reflects, to a large extent, external factors, while components pertaining to domestic demand are inching higher. Market data show that inflation expectations remain anchored. • Developments in money markets do not call for immediate action.
• Potential negative side effects of policy rate cuts put an obstacle in building consensus in the Governing Council for additional conventional easing.