ECB July 25 meeting account: Likely that slowdown more protracted than earlier thought

• ECB says downside risks could necessitate a projection cut.
• Shared currency remains under bearish pressure against major rivals.

In its Monetary Policy July 25 Meeting accounts, the European Central Bank noted that the economic slowdown was likely to be more protracted than earlier thought. The bank also said that the declining of longer-term inflation expectations was a matter of concern.

The shared currency struggles to stage a recovery against the dollar amid the ECB's cautious tone and the EUR/USD pair was last seen trading at 1.1075, losing 0.06% on a daily basis. Below are some key takeaways from the publication, as reported by Reuters.

"Downside risks more pervasive, could necessitate projection cut."

"Mechanical update of inflation projections points to a lower path."

"Concern was expressed that weak manufacturing will eventually spill over to services."

"Wasing bias, tasking committees had "broad" support."

"Package more effective than a sequence of selective actions."

"Some concerns were expressed about unintended consequences of tiering."

"Value seen strengthening state-based component of forward guidance."