ECB minutes: It was cautioned that governing council should not pre-commit to specific policy actions

The minutes from the ECB October policy meeting

• Policymakers see possibility that pandemic might have longer-lasting effects
• That will take a toll on demand side, supply side, reducing growth potential
• It was stressed that any sign of complacency could be detrimental
• Full account

The thing to note from this is that policymakers see the flexibility from PEPP was essential to its continued success and that they wanted to wait for a fiscal response before reacting instead. Adding that more bond-buying may not have the same impact now.

In summary, the governing council definitely looks to be favouring the use of PEPP and there really isn't anything else that hasn't been said already recently.