Minutes from last meeting on 2-3 Sept now out

  • "broad agreement" that downside inflation risks rose
  • liquidity "only very slowly" feeding economic activity
  • Praet told policy makers that Eurozone recovery would be slower than expected due to slowdown in emerging markets
  • premature to determine impact of these developments on euro area inflation
  • QE purchases to be front-loaded between Sept-Nov
  • will fully implement QE to Sept 2016 or beyond

Dovish minutes to confirm Draghi & Co's dovish stance at the time and since

Euro understandably a bit lower but not collapsing as much of it will be factored in

EURUSD 1.1278 EURGBP 0.7366 EURJPY 135.14

Full ECB Minutes here

An extensive interview with chief economist Praet on the ECB site here