ECB minutes: Considered sharper rate cut in March

European Central Bank (ECB) March policy account/minutes released today showed governing council considered a much sharper rate cut in March, but feared reaching a zero lower bound.

Key points

Discussed negative rate exemption in March

Saw exemptions scheme as too complex

Broad agreement among members that strong policy response was needed but there were different views on package components

A further cut in the deposit rate would pressure banks profitability