ECB Minutes: Policy should be highly accommodative under all scenarios

Here are the key points from the ECB accounts of monetary policy meeting held on September 2017:

   •  Policy should be highly accommodative under all scenarios
   •  Discussed trade-off between size and duration of QE extension
   •  Debated smaller QE cut and shorter duration vs bigger reduction with longer duration
   •  View was put forth that intensity of accommodation could be scaled back
   •  Some argued that FX impact was underestimated in projections, creating downside risk
   •  A view was reiterated that ECB needed to gain more policy space in either direction
   •  Attention should be paid to market expectations and risk of unwarranted market movements
   •  Must be mindful of market expectations on future policy
   •  Officials disagreed on reasons for recent Euro appreciation
   •  Officials concerned about volatiliy, speed of Euro rise