The euro marginally pared gains after the minutes were out, but remained above $1.13. The pan-European STOXX 600 index crept slightly higher.
Capital Economics said the minutes appeared to show the ECB was prepared to loosen policy further. The research firm forecasts the ECB would up the pace of its monthly asset purchases to 90 billion euros ($102 billion) from 80 billion euros, extend the purchasing program by six months and cut the deposit rate to -0.5 percent in September.
"It is quite possible the bank will hold at least one of these measures back for later, but we are convinced that all three will be needed before long," Jennifer McKeown, European economist at the firm, said in a report on Thursday.
However, data since the U.K. stunned financial markets by voting to quit the EU on June 23 have failed to clearly indicate a hit to other European economies.
Euro area inflation averaged 0.2 percent in July, according to official data from the European Commission. This was an acceleration from 0.2 percent in July, but far below the targeted "below, but close to 2 percent."
Meanwhile, Markit's euro zone composite purchasing managers' index (PMI) showed economic expansion accelerated in July from June. This was driven by economic growth in Germany, Europe's biggest economy.
"The fact that the financial market response has continued to be muted and that business surveys have been little changed since then might suggest that there is no need for further loosening. However, we now know that GDP growth slowed quite sharply in the second quarter," McKeown said.