ECB Governing Council member Pierre Wunsch confirmed to CNBC that he voted against the central bank’s new forward guidance. But he urged that “my dissent shouldn’t be dramatized,” as “we all agree we want to be supportive in this phase of the recovery, we all actually want to go to 2%”.

“The most important conclusion of the retreat actually, and our new strategy, is what I would call a ‘no regret’ conclusion, in that we all agree that what we have been doing in the last few years was necessary and proportional,” Wunsch said.

“The question is whether this proportionality test that we are going to have to make in the future — whether we can remain proportional in what we do and take commitments over a long period of time, like five or six years in the future.”

“We might be faced with issues of fiscal dominance, issues of financial dominance, and I just, at the end of the day, did not feel comfortable taking a commitment for five or six years.”

ECB Governing Council member Pablo Hernandez de Cos said he expects the end of net asset purchases at the beginning of July, followed by a first rate hike. Then there will be “another one in September, (to get us) out of the negative territory. What next would be decided “according to the circumstances.”

“What we can do is to eliminate progressively in a very gradual manner, all the accommodation of our monetary policy (…) we will be deciding some steps in the following weeks, and this will be enough,” de Cos said.

Another governing council member Ignazio Visco emphasized, “given the uncertainty of the economic outlook, the rates will have to be raised gradually.”

In an interview published today, ECB Executive Board member Isabel Schnabel talked down German Constitutional Court ruling that the public sector purchase programme (PSPP) is partly unconstitutional. She noted that European Court of Just has “exclusive jurisdiction” over ECB and its actions. The PSPP was already ruled legal in 2018.

Hence, “we will continue to conduct the PSPP and the pandemic emergency purchase programme (PEPP), as well as our other monetary policy measures, in line with our mandate.” She also emphasized that “the primacy of EU law is key for the functioning of the European Union.

Turning to the economy, Schnabel said Eurozone is “indeed facing a very deep economic crisis, on top of a humanitarian crisis”. A “broad set of measures” was adopted by ECB including the new PEPP. “we stand ready to adjust the size and duration of the programme if needed”.

ECB chief economist Peter Praet said in a speech today that “factors related to protectionism, financial market volatility and vulnerabilities in emerging markets are creating headwinds that are becoming increasingly noticeable”.

He added that “surveys of euro area business activity and sentiment indicators have softened perceptibly relative to their earlier highs, although they remain in expansionary territory and are still above long-term averages for most sectors and countries.”

Here is his full speech. It’s actually identical to the one delivered on November 13.