Both a Cut and a Pause on the Table for April Meeting, According to ECB Account

By Paul Hannon

Policymakers at the European Central Bank judged a pause in their series of rate cuts was possible when debating a change of language at their March gathering, according to an account of the discussion released Thursday.

The ECB lowered its key interest rate for the fifth time in as many meetings, but changed a key phrase in its statement to say that the degree to which policy was restraining growth had eased "meaningfully."

In its summary of the discussion, the ECB said that change in wording was intended to retain two options for this month's meeting.

"On the whole, it was considered important that the amended language should not be interpreted as sending a signal in either direction for the April meeting, with both a cut and a pause on the table, depending on incoming data," the ECB said.

Write to Paul Hannon at paul.hannon@wsj.com