ECB minutes: Considered sharper rate cut in March

• Saw sharper rate cut as reaching lower bound
• Discussed negative rate exemption in March
• Saw exemptions scheme as too complex
• Saw higher risks of second round effects
• Broad agreement among members that strong policy response was needed but there were different views on package components
• Members were told that that the global economic outlook had deteriorated further
• Some expressed concerns about CB operations perpetuating bank's dependence on euro system financing
• Concerns were expressed that a further cut in the deposit rate would pressure banks profitability

That's quite a dovish slant on the minutes. The ECB are unlikely to act anytime soon after the move on rates and increase in QE announced in March. They'll want to let those actions have some time to go to work.