Policymakers nervously pored over their phones and received regular market updates from ECB staff on the first day of their meeting on Wednesday, the sources said, as concerns about Credit Suisse dragged down shares in banks across the euro area and stoked fears about a new financial crisis.for another 50 basis point rate increase into turmoil and put a question mark over the outlook for the economy and inflation, the sources said.
Some did want to leave rates unchanged on Thursday and to wait for financial markets to settle down, rather than raise borrowing costs for a sixth time and risk making matters worse, the sources added.Investors had been doubting the ECB's resolve on Thursday to go through with a half-point hike it flagged in February, with some analysts predicting a 25 basis points move.
The ECB removed from its policy message any indication that rates would be raised again and said instead that future decisions would depend on incoming "economic and financial data" and acknowledged "additional uncertainty" around the outlook as a result of financial tensions.
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