Holger Schmieding Quotations

Britain has learned that there is no harm is selling your local champions to foreigners.

The ECB probably has not found a consensus yet on rate policy beyond Dec. 1. For this reason, the ECB is unlikely to provide any clear Fed-style guidance on the future course of rates,

This is the worst thing we've had from the German economy for some time.

There could have been a heated discussion, with the doves preventing the acceleration in the pace of rate hikes the hawks may have wanted.

Growth looks more likely to stay below than to rise above 2.5 in the foreseeable future. A further decline in inflation, coupled with mediocre growth, will likely tilt the balance towards further rate cuts later this year.

Six quarters of mostly below-trend growth are taking their toll. The trend in rising unemployment and muted wage pressures suggests underlying inflation in the UK could ease further, keeping the door open for a possible rate cut later this year.

It seems as if the labor market would stabilize even if it's still too early to speak of a change in trend. It's good news for consumption, but faced with high oil prices, a real improvement doesn't seem very likely for now.

The hope that Germany would be a shining European example for accelerated reforms has been dashed,

Slow growth last year is still affecting the labor market.

Still, the precise wording of the ECB statement on Thursday could provide some vital clues.