Comments by ECB governing council member Ardo Hansson
- Would not make big conclusions based on preliminary Q3 GDP data
- Sees temporary factors affecting Eurozone growth
- Wage growth is increasing ECB’s confidence on inflation outlook
- December staff projections will look at what factors in the economic slowdown are temporary and how many are permanent
As you’d expect, Hansson is communicating the message that the ECB is very much still brushing aside the slowdown in growth seen in the Eurozone. As mentioned before, it’s all about getting QE out of the way now so they still have to talk up a somewhat upbeat rhetoric to do so. Only after that, then they would be able to switch back to something a little bit more neutral.