Accounts of the ECB meetings in March (11-12, 18), noted “there was unanimous agreement that bold and decisive action was needed to counter the serious risks posed by the rapidly spreading coronavirus for the monetary policy transmission mechanism.”
“Reservations were expressed by some members about the necessity of launching a new, dedicated asset purchase programme.” However, “notwithstanding the hesitation, readiness was also expressed to go along with the carefully phrased communication, in the light of the scale of the market disruptions and challenges faced in the pursuit of the ECB’s mandate.”
