Monetary policy accounts Account of the monetary policy meeting of the Governing Council of the European Central Bank (European Union)

(Source: European Union) held in Frankfurt am Main on Wednesday and Thursday, 20-21 July 2016 18 August 2016 1. Review of financial, economic and monetary developments and policy options Financial market developments The Vice-President reviewed the latest financial market developments, in the absence of Mr Cœuré. The most significant event since the previous monetary policy meeting of the Governing Council on 1-2 June 2016 had been the outcome of the UK referendum on membership of the European Union on 23 June. Although the outcome had led to a significant decline in government bond yields, overall the consequences had thus far been less marked than many had anticipated. In the foreign...