• The view was widely shared that inflation outlook continued to worsen
  • ECB needs to show equal determination when inflation was above target, countering too high inflation and preventing it becoming entrenched
  • This is irrespective of a deteriorating outlook
  • ECB should continue normalising and tightening monetary policy
  • It might want to pause if there was a prolonged, deep recession
  • A few members expressed preference for increasing key rates by 50 bps
  • Full account

The details aren't so much so a surprise I would say. The fact that we are already hearing a bit of a clash in opinions over the past week exemplifies that not all members of the governing council were fully on board with a 75 bps rate hike, but perhaps let that slide just for one more meeting.