ECB board weighs external risks in policy meeting

European Central Bank

The European Central Bank’s governing council shared concerns trade tensions could generate a more general decline in confidence throughout the global economy at its September meeting, minutes show.

Members said that the effects on trade and investment had, until now, been limited, and the adverse effects were subject to “considerable uncertainty”. The minutes said trade problems “might yet impact the euro area more significantly over time”.

Members also noted that the depreciation of emerging

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