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Bloomberg Economics @economics
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THREAD 1/ It was exactly 6 years ago: ECB President Mario Draghi told a conference in London he was ready to do "whatever it takes" to keep the euro together (it worked). Today you probably shouldn't expect major announcements though, @aspeciale says bloom.bg/2NLxqzL
2/ The risk of a trade war was top of the list of concerns for Draghi and the ECB. After the successful meeting between Trump and the EU's Juncker, that threat has receded – at least for now bloom.bg/2A9BCaq
3/ As Melvyn Krauss writes, this may even help heal the divide between "hawks" and "doves" on the ECB Governing Council bloom.bg/2A93yLR
4/ One thing that is sure is that, despite the mounting trade tensions, the euro-area economy is doing decently well. Business sentiment is holding and other gauges point to a moderate but solid growth. Banks are even stepping up credit to companies bloom.bg/2NI1YlQ
5/ This paves the way for the ECB to continue on its path toward policy normalization: as announced in June, QE will end in December, and rates will be on hold at least until "through the summer" of 2019 bloom.bg/2A92TKn
6/ What exactly that "through the summer" means, though, is one of the things that Draghi will be asked to clarify. Does it signify that borrowing costs could rise in July 2019 already? September? December even? @johnainger has the story
bloom.bg/2NJsdIE
7/ Our columnist @marcusashworth agrees, highlighting that Draghi really has a bit of clearing up to do "before relaxing in the sunlounger" bloom.bg/2LExxQ9
8/ Another point to be clarified is reinvestment policy. @jrandow delved into the intricacies of the ECB's debt-recycling business and explains what still remains to be decided – something that Draghi himself called an "important decision" bloom.bg/2OeETZ4
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