Council’s previous monetary policy meeting on 28-29 October 2020. Developments in global financial markets had been driven by a strong improvement in risk sentiment. The main catalyst had been the news on the effectiveness and imminent roll-out of multiple coronavirus (COVID-19) vaccines. Two additional factors had reinforced and amplified the improvement in risk sentiment. First, there were growing signs of a forthcoming bipartisan fiscal stimulus programme in the United States in the wake of the formal commencement of the presidential transition process. Second, the communication by the ECB’s Governing Council that ... (full story)