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With inflation dropping further in the euro zone to just 0.5% in March, Ms Lagarde had highlighted the emerging risk of "lowflation".
With inflation dropping to just 0.5% in December, MPC members were also concerned about the risk of deflation, or falling prices, which are good news for consumers, but can cause severe economic damage if they last for a long period.
With the British economy in recession and interest rates at an all-time low, the government fears the move could be necessary to stop inflation dropping below its 2% target.
Pressure is mounting on the European Central Bank to boost activity in the euro area after the latest figures showed a fresh rise in unemployment, and inflation dropping sharply to a four-year low.
Further big falls lie ahead this year, according to the bank's main forecast, which shows inflation dropping below 2.0% early next year before returning to the target at the start of 2009.Mr King must write an open explanatory letter to the chancellor of the exchequer if consumer-price inflation diverges from 2.0% by more than a percentage point.
"With the scope for tightening monetary policy substantial, but the scope for loosening it much more limited, the risk of a surprising pick-up in inflationary pressure may be more manageable than the risk of the expansion stalling and inflation dropping further," he said.
Similar(50)
But inflation dropped like a stone.
And indeed, inflation dropped sharply during this period.
Euro-zone inflation dropped from 3% in 2011 to 0.3% by September 2014.
Year-end inflation dropped from 60% in 1995 to 10% last year.
In February inflation dropped to its slowest pace since 1999, 0.5% year on year.
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