(L-R) ECB Vice-President Vitor Constancio, the Governor of Bank of Estonia Ardo Hansson, ECB president Mario Draghi and ECB spokeswoman Christine Graeff attend a press conference after the Governing Council meeting in Tallinn in June. Photo: AFP / Raigo Pajulo

Following European Central Bank chief economist Peter Praet’s comments Tuesday, in reference to stimulus, that the ECB’s “mission is not yet accomplished,” fellow Governing Council member Ewald Nowotny said policy could be normalized when the economy allows. A “steady hand” is needed, Nowotny cautioned.

Also on Tuesday, ECB executive board member Yves Mersch argued that the ECB should begin reviewing the composition of bond purchases, but said little about what that will mean.

Sweden’s central bank agreed to raise its rate path Tuesday, closing the door to a cut in the near term, and projecting a rise to positive interest rates in the second half of 2019.

The minutes of the latest policy meeting, during which president Mario Draghi ruled out further lowering of interest rates, are due to be released on Thursday, after which the hawkish Jens Weidmann will deliver a speech entitled “taking responsibility – how to ensure the future of the monetary union.”