ECB: Schnabel Slide Titles Consistent With Prior Rhetoric

ECB Schnabel's slide deck titled "Monetary policy and economic growth in a more fragmented world" is here. Worth caveating that headlines from newswires are being taken from the slide titles of this deck. So while they probably do represent her opinion on the outlook, they're also at risk of being taken out of context in isolation.

Despite this, the slide title "Trade diversion from China to the EU is expected to be limited" is consistent with prior remarks. Speaking on the impact of Chinese trade diversion on June 7, Schnabel said that “I would argue that this effect is actually quantitatively quite small.” 

Other slide titles of note:

• "Growth outlook broadly stable despite trade conflict with medium-term inflation near target"
• "Monetary policy cycle is coming to an end as medium-term inflation stabilises at target"
• "Monetary easing is transmitted to financing conditions, which are no longer restrictive"
• "Labour market remains resilient as wage growth is expected to slow further"