In its account of the March policy decisions, the ECB noted:

• Economic situation was seen to be deteriorating sharply, with nearly all euro area countries in full containment mode owing to the rapid spread of the coronavirus
• Uncertainty on economic front was creating severe strains in the financial markets
• Reservations were, however, expressed by some members with regard to the proposed communication on the issue share and issuer limits
• All members agreed that a further forceful monetary policy response was warranted
  
• Broad support was expressed for the package of measures proposed by Mr. Lane, with some nuances of views regarding specific elements of the proposal
  
• A strong response was also seen to underline the credibility of the ECB's commitment to use all of its monetary policy instruments to prevent destabilising and self-perpetuating spirals
  
• There was unanimous agreement that bold and decisive action was needed to counter the serious risks posed by the rapidly spreading coronavirus
• There appeared to be sufficient scope in the evolution of the purchasable universe to avoid a premature discussion on a possible lifting of these limits
• A strong response was also seen to underline the credibility of the ECB's commitment to using all of its monetary policy instruments
• A large majority of members supported the proposal by Mr lane to launch a new pandemic emergency purchase programme (PEPP)
• Members broadly supported the proposal that purchases would be conducted in a flexible manner