FRANKFURT. (Reuters). European Central Bank policymakers were keen to reduce the stimulus during their March 10 meeting.

At the meeting, policymakers decided to suspend bond purchases in the third-quarter. They also did not commit to reducing stimulus. Inflation continued to climb on the back of high fuel prices.

The meeting’s accounts showed that “a large proportion of participants held the opinion that current high levels of inflation and their persistence required immediate further steps toward monetary policy normalisation.”

“It was argued to be true that the forward guidance conditions for an adjustment upward of key ECB interest rate had been either met, or very close to being met,” said the ECB.

However, the discussion is expected to continue after the meeting as inflation continues beating expectations. It reached a record 7.5% in the last month. Analysts are talking now about double-digit readings for mid-year.

However, the conflict in Ukraine will likely complicate these discussions. Growth will be hampered by high fuel costs and sanctions. The 19-country Euro zone economy is most likely to remain stagnant in the first half.

The ECB is likely to press conservative policymakers (or “hawks”) to establish a precise end-date to bond purchases. This will allow the bank to increase interest rates in autumn if necessary.

The market is now pricing 60 basis points of rate increases in the bank’s minus 0.5% rate for this year. This even though no policymaker supports such tightening.

On April 14, the ECB will meet again. A more precise timeline to reduce stimulus may be available.