ECB Minutes (Feb):

Policy Outlook Members agreed inflation should stabilise at the 2% target in the medium term, supporting patience and policy optionality. Most judged inflation risks two-sided and broadly unchanged since the previous meeting. Some judged inflation risks tilted to the downside, citing Chinese import competition, euro appreciation and weaker exports. A few judged risks tilted to the upside, citing energy prices, wage pressures and stronger growth momentum. Several argued rates could remain at current levels for an extended period if the baseline outlook held. Some warned increasing disinflationary pressures could risk a material undershoot of the inflation target.