ECB accounts: All members agreed to maintain interest rates at current levels ...Middle East

Members argued in favour of keeping the door open for a possible further rate hikeThe view was held that all three elements of the reaction function were moving in the right directionECB should be ready for further rate hikes if necessaryIt could be expected that, based on the current outlook, inflation return to 2% target by 2025Members agreed to continue applying flexibility in reinvesting redemptions falling due via PEPPDiscussion of an early termination of PEPP reinvestments currently seen as prematureMost of the impact of past rate hikes had yet to materialiseIt was generally assumed that the "last mile" of bringing inflation back to target was the most difficultFull accountsThe languag

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