The European Central Bank needs to stand ready to step up interest rate cuts if its economic forecasts prove too optimistic, its chief economist Philip Lane told policymakers at its most recent meeting.
The official account of September’s meeting, which was published on Thursday a week before the central bank is expected to lower borrowing costs again by a quarter-point, reveals growing concerns about the feeble state of the bloc’s economy. Policymakers were also fretting that their forecasts might be too rosy.
But Lane also stressed that, should inflation prove resilient, or there are signs of a stronger recovery, “a slower pace of rate adjustment could be warranted”.
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