It would have been great to start yesterday's statement by Philip Lane's introductory remark in today's blog: "there is no room for complacency". https://twitter.com/ecb/status/1304299208426557441

It would have been great to make this important point about inflation when discussing the August HICP print: "underlying price pressures have weakened due to subdued demand and the scale of labour market slack".

It would have been great to be more straightforward when it comes to the implications of EUR appreciation: "the recent appreciation of the euro exchange rate dampens the inflation outlook".

Also, "the scale of the upward revision in core inflation has been significantly muted by the appreciation of the euro exchange rate."

It would have been great to insist on the most important signal yesterday: "it should be abundantly clear that there is no room for complacency".

Finally, it would have been great to leave the door more open to a move in December: "Over the coming months, a richer information set will become available that will help to inform the calibration of monetary policy".