ECB members not on brink of announcing further easing

The decline in Euro area's headline inflation increases the already high pressure on the ECB and with 5Y5Y market-based inflation expectations trading below 1.6% for the first time since February, it could be that the ECB will announce more easing at the upcoming meeting on 22 October. 

Below are the comments and statements from the members of ECB on announcing further easing and the extension of QE;

Mario Draghi, 11 Oct: 'We are satisfied with QE, as it has met and even surpassed our initial expectations. ... QE has had a favourable impact on the cost and availability of credit for firms and households'.

Vitor Constancio, 15 Oct: 'An obvious challenge in the coming months will be the divergence between the monetary policy stance in the US and other major advanced economies'.

Yves Mersch, 14 Oct: 'It is too early to judge whether the-se factors [decelerating growth in emerging markets, a stronger euro and the fall in oil and commodity prices] will cause lasting changes to the trajectory that the ECB expected inflation to follow... More time is needed'.

Benoit Cæuré, 12 Oct: 'We have only executed, delivered, one third of the programme... It is all feeding into the economy at a slow pace... It's premature to discuss it [another QE programme]. But it's certainly our duty to be prepared to cope with all kind of contingencies'.

Sabine Lautenschläger, 9 Oct: 'We do not have enough information right now to fully understand the underlying trend... It is really premature to talk about concrete measures in terms of broadening QE'.

Peter Praet, 8 Oct: 'The cyclical recovery is progressively taking hold... It [pessimism] holds back a stronger recovery, as uncertainty about the future can feed back into weaker investment today'