Recent comments from Governing Council members suggest that the ECB may not be ready to increase its policy support when it meets on 22nd October. But President Draghi is likely to reiterate concerns about the inflation outlook and risks from emerging markets, stressing again that the Bank is ready to do more if needed. We still see it announcing a pick-up in the pace of its asset purchases before long – if not at this meeting then perhaps following the December meeting.
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