ECB releases its account of the September monetary policy meeting
- Based on current information, PEPP envelope would likely be used in full
- Further rate cuts and changes to TLTRO conditions are also part of the toolkit
- Broad agreement among members that there was no room for complacency
- There had been a marked appreciation of the euro exchange rate since July
- Market positioning remained tilted towards further euro appreciation
- Inflation was expected to remain persistently low over the medium-term
- Coronavirus pandemic, Brexit, US election, fiscal plans need to be monitored
- Full release
There's quite a bit of mention on the euro but it is mostly just noting that there is some impact from the latest appreciation on the inflation outlook in general. The minutes fall short of detailing any added concerns beyond what has been said recently.
Besides that, there doesn't seem to be too much of a divide - or at least not explicitly mentioned - as there is only a mention that the governing council sees that more accommodative policy should stay the course for the time being.
