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Deutsche Bank analysts note that  the release of the minutes from September’s ECB meeting confirmed that a number of members on the Governing Council had been opposed to the package of easing the ECB unveiled.

Key Quotes

“Although the account revealed that “a few members” had been prepared to cut the deposit facility rate by 20bps, “in particular as part of a package that would exclude net asset purchases”, there were others who were against even the smaller 10bp cut, “as they were concerned about the possibility of increasingly adverse side effects from additional rate cuts.” With President Draghi departing at the end of the month, there’s going to be work to do in bringing unanimity back to the Governing Council under the ECB’s next leadership.”