European Central Bank officials were far apart on the elements of the monetary stimulus package that led to public acrimony after last month’s decision.

The account of the Sept. 11-12 meeting showed some members of the Governing Council were ready to back an even deeper cut in interest rates in exchange for dropping the proposal to restart bond purchases. Others needed convincing about reducing rates at all because of concern about the possibility of increasingly adverse effects.

“A number of reservations were expressed about individual elements of the proposed policy package,” the ECB said in the account of the session. “Although the rational for a comprehensive package was widely shared, members assessed the case for specific elements differently, with some measures seen as substitutes rather than compliments.”

Source : Bloomberg