The ECB released the account of its December monetary policy meeting. It noted that since October meeting:

• there have been signs of increased optimism among market participants;
• there had been a solid upward movement in underlying inflation, supported by high capacity utilisation levels, rising energy commodity prices and tight labour markets;
• Incoming data pointed to continued weak but stabilising euro area growth dynamics.
• It was also noted that global geopolitical situation was not conducive to lowering uncertainty;
• there appeared to be tentative indications that industrial production might bottom out before these spillovers became more generalized;
• further efforts should be made to try to better understand the reasons behind the unexplained weakness in inflation;
• the implementation of monetary policy could also be adjusted to reduce unwanted side effects;
• faced with a subdued inflation outlook, members reiterated the need for a highly accommodative monetary policy stance for a prolonged period of time.