ECB-Meeting of 5-6 June 2024-Account of the monetary policy meeting of the Governing Council of the European Central Bank

July 4, 2024--Held in Frankfurt am Main on Wednesday and Thursday, 5-6 June 2024
1. Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel noted that since the Governing Council's previous monetary policy meeting on 10-11 April 2024, the narrative in financial markets had converged across major advanced economies.

It had moved towards a more gradual easing cycle and high-for-longer interest rates, owing to a more protracted "last mile" of disinflation.

The key drivers of financial market developments had been a stronger euro area economy, signs of a cooling US economy and strong investor risk appetite.

Euro area macroeconomic data had continued to turn out better than expected over the past four months, strengthening investors' view that the economic recovery was on track. By contrast, macroeconomic data surprises in the United States had become less favourable. Tentative signs of the US labour market cooling and inflation in line with expectations had eased investors' concerns that the Federal Reserve System might have to hike interest rates again.

ESAs warn of risks from economic and geopolitical events

September 10, 2024--The three European Supervisory Authorities (EBA, EIOPA and ESMA-ESAs) today issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines ongoing high economic and geopolitical uncertainties.