However, the ECB seems reluctant and the unexpected rise in the September flash CPI reading of 2.7% (Bloomberg consensus was 2.4%) reported at the end of last week, will give it cover. A subtext is because the ECB has knowingly gone against the Bundesbank and its hard money stance with its Outright Market Transaction program and its liberal collateral framework, some concession must be made. Prime Minister Rajoy meets with regional leaders on Tuesday, but it will be difficult to diffuse the situation ahead of the local elections in Galicia and Basque Country on Oct 21.