Debt crisis: France denies German bank union rift 10.34 Mr Ayrault also said that France wants to move quickly on creating a banking union and that the government was in talks with Germany over its timing and scope: Our goal is to move fast. There are always resistance and doubts in each country. Each country has its specific differences. We are in discussion. France wants the supervision of all banks. Germany reportedly wants to limit the scope of bank supervision to the eurozone's largest lenders (see 10.01). 10.19 Meanwhile, France has put the foundations in place to pass Europe's fiskalpakt. PM Jean-Marc Ayrault told reporters this morning that the Cabinet had approved the treaty this morning, and that it would be presented to parliament on October 2. French President Francois Hollande (R) speaks with Prime Minister Ayrault at the end of the weekly cabinet meeting at the Elysee Palace in Paris on Wednesday (Photo: Reuters). 10.01 Back to the Continent, where German MPs reportedly want the ECB to limit its bank supervision to the eurozone's major lenders. Proposals seen by Reuters also showed that MPs from Chancellor Angela Merkel's party and their Free Democrat (FDP) allies reject proposals for cross-border bank deposit insurance, which they want to remain the responsibility of individual states. 09.51 Commenting on the minutes, Martin Beck at Capital Economics, said: September's MPC minutes do little to diminish the prospects of further policy stimulus over the coming months. Admittedly, the Committee saw inflation falling back more slowly than previously anticipated. Nonetheless, with growth expected to be 'subdued and uncertain', some members felt that additional stimulus 'was more likely than not to be needed in due course'. As a result, we still expect another 50 billion pounds of asset purchases to be announced at November's meeting and for QE to ultimately reach €500bn. We also think there continues to be a decent chance of an interest rate cut in November. 09.43 On inflation, the Bank said: The Committee set monetary policy in order to meet the 2% inflation target in the medium term. Inflation was now much closer to target than nine months ago, having fallen from a peak of 5.2% in September 2011. As inflation had fallen back, the near-term outlook had at various points been jolted by sharp movements in both directions in the prices of commodities; it was not sensible in such an environment to ascribe a high probability to any particular short-run projection. That remained the case this month. Nonetheless, the rise in oil prices and the probable increase in utility and some food prices meant that the near-term outlook was for a less rapid fall in inflation than the Committee had thought at the time of its August Inflation Report projections. The outlook for inflation beyond that point continued to depend on the strength of the headwinds confronting both demand and supply, and the effectiveness of policy measures in the United Kingdom and abroad in leaning against them. 09.37 The minutes do show that one member - possibly David Miles - who called for QE long before the rest were persuaded to restart the printing presses, or new MPC member Ian McCafferty, who has been described as a "QE fan" by the media, saw a "good case" to announce more money printing this month. The minutes said: For one member, the decision this month was more finely balanced, since it was not clear that the uncertainties about the medium-term outlook would be resolved to any great extent in the coming months and, given the weakness in demand, a good case could be made at this meeting for announcing more asset purchases. 09.31 All nine of the Bank of England's ratesetters chose to keep interest rates on hold at 0.5pc, and the Bank's money printing programme steady at £375bn this month, according to minutes just released.