ECB Officials Saw More Easing as Appropriate If Baseline Holds 

European Central Bank officials judged that interest rates could be cut further if consumer prices develop in line with expectations, an account of their last policy decision showed.

A “cautious approach was still warranted in view of the prevailing uncertainties and the existence of a number of factors that could hamper a rapid decline in inflation to target,” according to the summary, published Thursday. “Nevertheless, if the baseline projection for inflation was confirmed over the next few months and quarters, a gradual dialing-back of policy restrictiveness was seen as appropriate.”