ECB meeting accounts: Plea was made for patience, “Wait and see posture”

A plea was made for patience to allow the measures taken in September to work through the economy, supporting a wait and see posture at the current juncture, the accounts of the European Central Bank's (ECB) October policy meeting showed on Thursday.

The shared currency's reaction to the ECB statement has been muted so far with the EUR/USD pair extending its sideways grind below the 1.11 handle. 

Key takeaways

"Strong call for unity of the Governing Council was made at October 23-24 policy meeting."

"Frank discussions necessary but important to form a consensus, unite behind inflation aim."

"Economic data raised question at to whether weakness would continue for longer than anticipated in September."

"Wide agreement that more info needed to reassess inflation outlook, impact of ECB measures."

"Measures should be allowed more time to unfold; expresses confidence they will support inflation."