The European Central Bank released the minutes from their October meeting. They cut deposit rates further in September and started another QE (quantitative easing) programme, so these accounts held some interest for traders like us, who would like to see what the ECB has in plans after the last monetary easing. Below are the main comments from the meeting accounts:

• 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
• Strong call for unity was made at October meeting

The main theme from these accounts is the wait-and-see stance that the ECB has taken after the monetary easing announced in September. After all, they have to wait for the effect of the last easing round to show on the economy. There is also a call for unity, which shows how fragmented the governing council is at the moment. The new ECB governor Lagarde will have to do some work to put the members together, I assume.