- ECB's Monetary Policy Meeting Accounts: QE had "clear majority", rate-tiering had "majority", 10 bps rate-cut had "very large majority"
Market news
10 October 2019
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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