ECB accounts dropped something interesting: some members apparently wouldn't have fought a rate hike back in July.

That's a pretty hawkish signal buried in the minutes. Shows the internal debate was tighter than markets assumed at the time. Euro watchers should note this — it speaks to how divided the committee was on the pace of tightening.

Context matters here: July was peak inflation anxiety in Europe. Energy crisis, currency weakness, imported inflation through a weak euro. Some board members clearly wanted to front-load more aggressively.

Tells you the doves barely held the line. And if conditions shift again, that hawkish faction could resurface fast.