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  • ECB's Monetary Policy Meeting Accounts: QE had "clear majority", rate-tiering had "majority", 10 bps rate-cut had "very large majority"
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10.10.2019, 11:37

ECB's Monetary Policy Meeting Accounts: QE had "clear majority", rate-tiering had "majority", 10 bps rate-cut had "very large majority"

  • QE was opposed by a number of members, arguing it should be instrument of last resort
  • Some members argued QE was not an efficient instrument given low yields
  • Some members argued that open-ended QE could push ECB into bigger purchases
  • That will create problems and challenge purchase limits
  • There were a number of reservations about rate tiering
  • Some policymakers were ready to support 20 bps rate cut if package excluded QE
  • Some policymakers questioned growth forecasts, calling them too optimistic
  • All policymakers agreed on the need for further easing


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