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Accounts show 50bp decision was not unanimous

ECB
  • "Some members argued in favour of raising the ECB key interest rates by 25 basis points as this was the intended move communicated at the Governing Council’s June meeting and would preserve consistency with the Governing Council’s earlier communication. With recession risks looming, an increase of 25 basis points was seen as more in line with a gradual monetary policy normalisation. It was also perceived as compatible with inflation returning to the Governing Council’s 2% target over the medium term once transitory shocks had faded. Moreover, the concern was raised that, if the Governing Council deviated from its earlier guidance and surprised markets with a larger than expected increase, this would add to the prevailing market uncertainties."
  • "These considerations notwithstanding, it was maintained that the Governing Council had to demonstrate that it was willing and able to respond if the outlook changed. It was also argued that, despite constituting a larger than expected increase, a 50 basis point interest rate hike provided more clarity for market participants in a highly uncertain environment. Moreover, it was judged that the monetary policy stance remained accommodative even after a 50 basis point rise."
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