ECB Monetary Policy Meeting Account: current measures may not be sufficient to reach the inflation target

The European Central Bank's (ECB) its minutes of October meeting on Thursday. According to the minutes, the central bank will review its stimulus measures at the December monetary policy meeting, and is ready to add further stimulus measures if needed.

"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 [asset purchase programme]," the minutes said.

The central bank said that current measures may not be sufficient to reach the inflation target.

"The impact of external factors and heightened uncertainty raised the possibility that the ECB's measures, despite their magnitude, might not be gaining sufficient traction in the present environment to achieve their ultimate objective in terms of inflation rates, also in view of low price pressures globally," the ECB said.

The central bank also said that it will likely miss its inflation target.

"The anticipated timing of inflation normalising towards 2% was likely to be pushed back again, as had already been the case in previous staff projections," the ECB noted.