The case for further QE in the UK "significantly strengthened" in the past month, with any repeat of recent economic woes likely to lead to further stimulus, the MPC has said.
Although it decided to hold the Bank of England's asset purchasing programme at £200bn earlier this month, minutes reveal continued turmoil in equity markets will prompt further quantitative easing.
"Most of the members thought it was increasingly probable that further asset purchases to loosen monetary conditions would become warranted at some point. Among the members voting to leave the stance of policy unchanged there were a number of considerations," the minutes said.
"There was some merit in waiting to see how developments evolved in the coming weeks, including the actions of overseas authorities. Some loosening had already been provided by the lower path for market interest rates, although whether that would be sufficient to offset the deterioration in demand prospects was unclear."
Adam Posen was the only member to vote for a further bout of QE worth £50bn, the second time he has done so, against eight members who voted to maintain it at £200bn.
But the MPC suggested the Bank of England would be ready to act should market conditions deteriorate further.
The minutes said: "For most members, the decision of whether to embark on further monetary easing at this meeting was finely balanced since the weakness and stresses of the past month had significantly strengthened the case for an immediate resumption of asset purchases.
"For some members, a continuation of the conditions seen over the past month would probably be sufficient to justify an expansion of the asset purchase programme at a subsequent meeting."
The minutes also said global and domestic growth was likely to be lower than anticipated in August's Inflation report and CPI is likely to fall back to target from 4.4% in 2012.
The MPC voted unanimously in favour of holding rates at 0.5%.
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