Deutsche Bank analysts note that the release of the minutes from September’s ECB meeting confirmed that a number of members on the Governing Council had been opposed to the package of easing the ECB unveiled.
“Although the account revealed that “a few members” had been prepared to cut the deposit facility rate by 20bps, “in particular as part of a package that would exclude net asset purchases”, there were others who were against even the smaller 10bp cut, “as they were concerned about the possibility of increasingly adverse side effects from additional rate cuts.” With President Draghi departing at the end of the month, there’s going to be work to do in bringing unanimity back to the Governing Council under the ECB’s next leadership.”
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