FRANKFURT(Reuters) – The European Central Bank needs to keep its policy options open after a critical meeting in December, as uncertainty about the future evolution of inflation remains extraordinarily high. Policymakers made this conclusion in October according to reports of the meeting.

Although high inflation can still be considered temporary, it is more likely that the “hump” of prices currently seen will remain for a while. The accounts revealed that this will raise concerns about wages starting to adapt and sustaining price increases.

The accounts on Thursday showed that “it was warned that data from December wouldn’t resolve all uncertainties surrounding the medium-term inflation outlook.”

The ECB stated in its accounts that “It was considered important that the Governing council should retain sufficient flexibility to allow future monetary policies actions including beyond December’s meeting.”

These comments echo conservative policymakers Jens Weidmann, Klaas Knot and Klaas Knot’s calls for the ECB to refrain from making a large commitment beyond December because the inflation outlook may change rapidly.

The bank will likely agree to wind down the 1.85 trillion euro ($2.08 Trillion) emergency bond-buying program in December. However, it may consider increasing other purchases to make up for the shortfall.

Although most policymakers agree that continued stimulation is necessary, opinions differ about how much. As inflation was rising, the risks of high-inflation were increasing and the projections needed to increase.

According to the accounts, “The belief was that inflation would continue for longer periods of time and become more entrenched in long-term inflation expectations.”

Despite this, majority of respondents believed the ECB had to remain patient and not tighten too quickly, even though there were higher risks for inflation.

The policy doves who are likely to push for massive bond buying in December argue that inflation will fall on its own because one-off factors are what cause it, and wage inflation is still a condition of durable inflation.

Conservatives argue, however, that although temporary, higher prices will ultimately push up wages. This raises the possibility that inflation will exceed the ECB target. It has been underachieving this mark for the last decade.

Both sides are able to agree on the fact that an increase in rates next year is premature. The differences between the two parties concern the pace and duration of the continued stimulus through debt purchases.

“Market participants were possibly questioning the credibility of the Governing Council’s forward guidance,” the ECB said. “In such a context, it was stressed by the ECB that the Governing Council needed to reaffirm… their determination to continue to act with force and persistence.”

($1 = 0.8909 euros)