Villeroy spoke to Bloomberg TV on Saturday
Villeroy strongly hinted there will be no actions at the July 20 ECB meeting.
"In the future, and this will be our decision next fall, we will go on adapting the intensity of this monetary policy," he said.
That's not a huge surprise because the July 20 decision really only hinges around hints on what's coming next.
These are, however, the clearest sign yet that the ECB won't want to pre-commit to anything now. I take that as I sign that not much will change on July 20 in terms of signals.
The turn of phrase 'adapt the intensity' is also a new one. Villeroy used it three times; likely out of fear that something like 'reduce stimulus' would roil markets or risk sending the wrong signal.
Along those lines, see: The ECB is scared of everything
