The European Central Bank’s deep division over the second wave of quantitative easing decided on September 12 was known, not least from public statements by the Governors of the Netherlands, France, and Germany.

On Thursday, the division became official with the publication of the monetary board’s minutes. Facing a protracted low inflation rate – far below the 2% target – and negative growth in Germany, the ECB decided on September 12 to cut interest rates deeper into negative territory and r...