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A number of preliminary remarks were made on possible options for providing further monetary accommodation, should this become necessary. With regard to adjusting the size, composition or duration of the APP, it was underlined that the present communication already catered for the possibility of extending the programme beyond September 2016, depending on progress in achieving a sustained adjustment in the path of inflation towards the medium-term objective. Adjusting the overall size and range of eligible assets was seen as requiring further analysis by ECB staff and the relevant committees. Other options might also be examined. Preliminary views were also expressed on the option of further lowering policy rates, in particular the rate on the deposit facility. Reference was made to the experience in other jurisdictions, where negative rates had not appeared to result in major difficulties or widespread substitution into cash. However, it was also argued that a rate cut would venture further into uncharted territory and have repercussions on the functioning of markets and the behaviour of banks and customers. For this reason, further technical staff and committee work was seen as necessary to assess the benefits and costs, particularly regarding the impact on money markets and on banks’ margins and lending capacity.

Monetary policy decisions and communication Taking into account the views expressed by the Governing Council, the President concluded that the degree of monetary policy accommodation would need to be re-examined at the December monetary policy meeting. Accordingly, ECB staff and the relevant Eurosystem committees would be mandated to conduct a technical analysis of the monetary policy stimulus achieved, review the options available should the Governing Council judge that further monetary accommodation was necessary, and analyse them in terms of efficacy. It was underlined that the Governing Council was willing and able to act, if warranted, by using all available tools within its mandate, including by adjusting the size, composition and duration of the APP. It was recalled that the monthly asset purchases of €60 billion would be fully implemented until the end of September 2016, or beyond, if necessary, and, in any case, until a sustained adjustment was visible in the path of inflation that was consistent with the Governing Council’s aim of achieving inflation rates below, but close to, 2% over the medium term. On a proposal from the President, the Governing Council decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility would remain unchanged at 0.05%, 0.30% and -0.20% respectively.