ECB: Strong call for unity was made at October meeting
ECB releases its account of its October monetary policy meeting
- Frank discussions necessary but it is important to form consensus
- And to unite behind inflation goal
- Economic data raised question as to whether weakness would continue for longer than anticipated during September meeting
- There was wide agreement that more information is needed to reassess the inflation outlook and impact of ECB measures
In terms of policy, there was also a plea made for patience to let the September package do its job. In other words, that means leaning towards a "wait and see" posture.
But the key takeaway for me is the supposed "strong call" for unity on future policy decisions. I think that goes to show how fragmented the governing council is at the moment and that is something that Lagarde needs to seriously address - and soon.
The full minutes can be found here.