EZA 592

15 March 2004



Brieifng Note - early ECB easing unlikely as reaction to Spanish terror attack
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SummaryTerrorist attacks in Spain unlikely to bring about early ECB easing, but reinforce view that risks to unchanged policy remain skewed to low side in H1 given Trichet’s emphasis on confidence effects at last press conference and ECB’s responsiveness to external shocks.

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© Graham Bishop