A number of European Central Bank officials said the April 29-30 policy decision was a close call and they would not have opposed a rate increase had one been proposed.
The meeting account shows a more hawkish debate than the final decision suggested, indicating some policymakers still saw grounds to lift borrowing costs rather than hold.
That split offers a clearer read on internal ECB thinking after April’s meeting, underscoring how finely balanced euro-zone rate decisions remained even without an actual hike.
The ECB narrowly avoided a rate hike. With inflation climbing and war raging, can Europe's central bank afford to wait any longer?
Europe faces soaring inflation and slowing growth. Is the ECB trapped, with any decision risking either a recession or a price spiral?