European Central Bank President Mario Draghi pushed for yesterday’s interest-rate cut over opposition from Bundesbank President Jens Weidmann and at least two other Governing Council members, according to four euro-area central bank officials.
Weidmann and members from countries traditionally aligned with the Bundesbank wanted to wait until December when forecasts and more data will be available before deciding, said two of the people who asked not to be identified because the talks are confidential. Chief Economist Peter Praet proposed the cut and won support of most members including France’s Christian Noyer, one person said. Two officials said Executive Board member Joerg Asmussen opposed the move. An ECB spokesman declined to comment.