Posen had pushed for a further increase of £25bn to the Bank of England’s asset purchase programme since February this year and voted 10 times for further stimulus in 2011 compared to every other member who voted just once.
The size of the asset-purchase target remained at £325bn as the minutes said inflation may pose more of a danger than previously anticipated.
The minutes said: “There was a greater chance than before that above-target inflation would persist into the medium term.
“For one member, the balance of risks continued to warrant an expansion of the asset-purchase program this month, although the decision was finely balanced.”
Deputy governor of the Bank of England, Paul Tucker said policy makers would not risk letting inflation expectations de-anchor the central bank’s goal as the pace of price gain remained “uncomfortably above target”.
The Bank’s inflation forecast said it expects inflation to reach the 2% goal by the end of the year.
