Council sees need for further action

 At the meeting of the Shadow ECB Council on 6 January, 2014, a large majority recommended unchanged key rates.

Including those who advocated additional unconventional measures there was a slight majority in favour of more action by the ECB to support the sluggish economic recovery, even though no individual measure was proposed by a majority. A new long term refinancing programme for commercial banks with conditions attached received considerable support.

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