Even the perceived hawks on the ECB have have been talking as though quantitative ease were a distinct possibility of late, so it beggars belief that the bank cut only 25 bp. It is hard to image how a consensus around that figure was arrived at. I have to assume there were votes for a 50 bp cut and probably those who would have liked to do even more. This one will fall squarely on the shoulders of one man, JC Trichet.
It is going to be the most interesting ECB press conference of all time!