Minutes should discover what was behind the Frankfurt-based institution’s controversial choice to start quantitative easing. So far, ECB has avoided revealing the views of governors so that they don’t come under political pressure from their home nations that could influence their decision-making.
ECB President Mario Draghi said that there are three important factors when publishing Minutes. “One is the need to preserve independence for the members of the Governing Council,” he said. “The second one is the need to preserve candor in the exchanges. The third, which is probably the most important, is to give information to the markets on how to better interpret our monetary-policy decisions.”
Though, Draghi said that governors were “unanimous” in agreeing that QE is a valid policy tool, that a “large majority” wanted to start it right away, and that there was a “consensus” on risk-separation measures, it will be interesting to see arguments before Council reached mutual decision and this could hint on future monetary developments.
