MNI POLICY: All ECB GC Saw Easing Need, QE Chat Robust: Accts

     LONDON (MNI) - The European Central Bank Governing Council was unanimous in

seeing a need for further easing of monetary policy, accounts of the Oct. 12

meeting show, although there was robust debate over the individual elements of

the proposed package of measures.

     Although the Council was in broad agreement with many of the proposals laid

down by Chief Economist Philip Lane, a number of reservations were expressed

over the Asset Purchase Program,  with some seeing the case as not sufficiently

strong.

     There were also divergent views over the size of the deposit rate cut, with

some members expressing the need for a 20-bps cut and others unable to support

even the eventual 10 bps cut to -0.5%.

     The accounts did not name dissenting members or their nationalities,

although several members made their objections public soon after the event.

     The full text of the ECB Oct. 12 accounts can be found here:

https://www.ecb.europa.eu/press/accounts/2019/html/ecb.mg191010~d8086505d0.en.ht

ml

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com

[TOPICS: M$X$$$,M$$EC$]