ECB minutes: All members agreed that a further forceful policy response was warranted

The ECB releases its account of its March policy decisions

• Economic situation was seen to be deteriorating sharply
• Reservations were, however, expressed by some members with regards to the proposed communication on the issue share and issuer limits (PEPP)
• A strong response was also seen to underline the credibility of the ECB's commitment to use all of its monetary policy instruments
• Members broadly supported the proposal that purchases would be conducted in a flexible manner
• Reservations were expressed by some members about the necessity of launching a new, dedicated asset purchase programme

This doesn't really say much in my view as a lot has happened over the last few weeks and the fact that the ECB has relaxed the issuer limits on PEPP and are not being overly transparent about its purchases tells us more than the minutes here.

It is interesting to see some reservations about the programme though (some preferred QE or OMT instead of PEPP) but I reckon that is also in relation to the issuer limits topic as well.

But what is done is done now and the fact that the PEPP response was well-received is what is important. Not only that, the removal of issuer limits removes the need to go down the OMT rabbit hole. The full minutes can be found here.