Analysts at Nordea Markets think the ECB will ease policy again next year as the October monetary policy account indicates that the Governing Council members needed time to make up their minds about the next steps.

• “We expect another policy package in March next year, consisting of a 10bp cut to the deposit rate and an additional €20bn per month of APP. The euro area economic outlook is weak and inflation is set to stay well below target, which merits more monetary policy stimulus. Since the last meeting, GDP growth and core inflation numbers came in a bit stronger than expected, but the PMIs are still at very low levels. The last round of PMIs ahead of the next ECB meeting will come in tomorrow.”