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ECB rate setters closed ranks against critics in April meeting

European Central Bank rate setters agreed on the need to defend the bank against a growing number of critics when they met in April, as its ultra-easy policy came under fire from German policymakers, banks and savers, minutes of the meeting showed on Thursday.


European Central Bank president Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt,  December 3, 2015.
Ralph Orlowski | Reuters
European Central Bank president Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, December 3, 2015.

"There was general agreement that there was a need to counter the perception that monetary policy could no longer contribute to a return of inflation (to the ECB's target)," the ECB said.

"In light of recent public criticism...in a Member State, it was viewed as important to reaffirm collectively the independence of the ECB in the pursuit of its mandate."

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