They were slightly more dovish than I expected. There is a bit of a conflict between the bank's statement, and the numbers they gave.
More Quotes from Holger Schmieding:
There is a reasonable chance of the bank cutting rates.Holger Schmieding
We've just had the worst 24 hours for the European reform outlook in a long, long time.
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It seems as if the labor market would stabilize even if it's still too early to speak of a change in trend. It's good news for consumption, but faced with high oil prices, a real improvement doesn't seem very likely for now.
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Britain has learned that there is no harm is selling your local champions to foreigners.
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It is unlikely now that Germany and Italy will move ahead on the crucial issue of dismissal rules.
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The hope that Germany would be a shining European example for accelerated reforms has been dashed,
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