In the accounts of April 13-14, ECB said “members widely expressed concern over the high inflation numbers”.
Against this background, “some members viewed it as important to act without undue delay in order to demonstrate the Governing Council’s determination to achieve price stability in the medium term.”
But other members argued that “adjusting the monetary policy stance too aggressively could prove counterproductive, as it would lower growth while inflation remained elevated because monetary policy was unable to address the immediate causes of high inflation”
All in all, “members widely shared the view that the gradual normalisation of the monetary policy stance… should be continued”.
Overall, it was judged that “forward guidance conditions for an upward adjustment of the key ECB interest rates would become crucial for the policy discussion at the Governing Council’s June meeting”
