The ECB's Governing Council will convene on Wednesday and Thursday to discuss its monetary policy stance and its assessment of the euro zone economy.
The ECB thinks highly analytically about current situations and future policy. Its chief economist, Philip Lane, hinted at a two-staged response at his Jackson Hole speech in August, suggesting the central bank's crisis toolkit may not be enough to address persistently low inflation.
"Once the negative shock has been sufficiently offset, the second stage is to ensure that the post-pandemic monetary policy stance is appropriately calibrated in order to ensure timely convergence to our medium-term inflation aim." Lane added that the Governing Council stands ready to adjust all of its instruments, as appropriate, something that was echoed by former ECB Vice President Vitor Constancio on Wednesday.
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