ECB says some members voted against QE package

Some members of the European Central Bank (ECB) voted against the quantitative easing programme in January, according to first minutes published by the monetary authority.

The ECB on 22 January decided to introduce a €1trn quantitative easing package to help bring inflation back towards the target of just below 2% and boost the stagnant recovery.

The minutes on Thursday stated "in the view of some members there appeared to be no urgent need for monetary policy action at the current meeting".

However it was "broadly agreed" that any further monetary policy measure would need to involve purchases of government securities. The QE programme will start in March and involve monthly purchases of €60bn until the end of September 2016.

The decision to introduce the QE programme came as consumer prices in the euro-area fell an annualised 0.6% in January.

"The first ever timely publication of ECB minutes confirms that support for the new QE programme was not unanimous and highlights the Bank’s reluctance to take on more risk related to peripheral governments’ debts," said Capital Economics adding that there were few surprises.

"It supports President Draghi’s explanation last month that while all members backed the idea of QE, some were not ready to implement it now."