(Bloomberg) -- The European Central Bank isn’t currently planning to announce a start date for the reduction of its asset portfolio when it agrees on a broad strategy in December, according to officials familiar with the debate.

Following Thursday’s policy meeting, President Christine Lagarde said the Governing Council decided it “would pursue” a discussion in December around how to reduce bond holdings acquired under the regular quantitative easing program and “decide the key principles.”

An ECB spokesperson declined to comment on its plans.

Italian bonds -- particularly sensitive to discussions surrounding the reduction of the ECB’s balance sheet -- surged, sending the 10-year yield plunging 33 basis points to below 4% for the first time in more than five weeks. That lowered their premium over German counterparts, a major gauge of risk in the region, by as much as 19 basis points to 203 basis points, the lowest since July.

Communicating the framework of how to shrink the balance sheet would allow policy makers to prepare financial markets and gauge investors’ reaction before taking action.

Even so, avoiding an immediate decision on so-called quantitative tightening just as officials plan their final interest-rate hike of the year would also be consistent with their preference to relegate to the background the unwinding of the portfolio. 

Earlier this month, Bloomberg reported that hawkish officials aim to start reducing the €5.1 trillion ($4.9 trillion) asset hoard by early 2023 while retaining rates as their primary monetary-policy tool.

--With assistance from James Hirai.

(Updates with market reaction in fourth paragraph.)

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