According to anonymous sources at the European Central Bank, some hawkish members of the governing council were unhappy about extending reinvestments from the Pandemic Emergency Purchase Portfolio (PEPP) to 2024. Moreover, some were unhappy about the fact that the ECB did not set an end date to its Asset Purchase Programme. 

ECB policymakers also reportedly disagreed on the inflation outlook, with some stressing upside risks to the new forecasts, the sources added. Apparently, according to the sources, it was the governors of the Belgian, Austrian and German central banks that disagreed.