Mubasher: European Central Bank (ECB) policymakers voiced their worries that growth eased more than previously thought, considering a bundle of stimulus measures as the optimum means to counter the downturn, the July policy meeting accounts showed on Thursday.

In last month’s ECB meeting, policymakers proposed a combination of rate cuts, asset purchases and revisions on the guidance on interest rates among other options on the table.

A multi-tier deposit rate, one that has raised controversy, could be among the measures being eyed.

With months of slowing growth and inflation, ECB President Mario Draghi vowed more stimulus measures as soon as next month.

The case for more support was further built by a slew of disappointing data since the meeting was held.

Moreover, the ECB could also provide more support for the banking sector, which could transmit easy policy to the real economy.

“The view was expressed that the various options should be seen as a package, i.e. a combination of instruments with significant complementarities and synergies,” the ECB said.

In addition, policymakers also were concerned that incoming economic figures pointed to another downgrade to the in the ECB’s projections, while turmoil outside the Eurozone threatened to hurt the economy.

“Available ‘soft’ indicators at present pointed to slower growth in the third quarter of 2019, raising more general doubts regarding the expected recovery in the second half of the year,” the ECB said.

With a prolonged downturn, the weakness in industry could spill over into services sector, as factory output tends to be a key indicator.

Brexit uncertainty, as well as global trade disputes, were taking a heavy toll on export demand and confidence in the overall manufacturing sector.