On ECB April meeting minutes published 13.30
CET today
 April meeting – focus on implementation
– It is hard to believe that the GC in minutes will discuss if measures are
enough or if additional measures are required
 On rate cuts
– Draghi sounded cautious at the press conference – no intensive
discussion expected on rate cuts. For the time being, other measures
(QE and CE) are in focus
 On helicopter money
– Issue was brushed aside by Draghi. ECB baseline is that this has not
been discussed and no reference is expected
 ECB independence
– In Q&A Draghi spent time defending the ECB stance – low (negative)
rates are not the problem, rather a symptom of the problem
 One thing to look for is weather the ECB discussed bond supply
shortages in smaller markets hampering PSPP buying. If so, it could be
an indication that the next move is to raise/eliminate current issuer limits
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