The
European Central Bank (ECB) left its main refinancing rate unchanged at 0.00
percent on Thursday, as widely expected. Its interest rates on the marginal
lending facility and the deposit facility were also kept unchanged at 0.25
percent and -0.50 percent, respectively.
In
its policy statement, the ECB said:
In
support of its symmetric 2%-inflation target and in line with its monetary
policy strategy, Governing Council expects key ECB’s interest rates to remain
at their present or lower levels until it sees inflation reaching 2% well ahead
of the end of its projection horizon and durably for the rest of projection
horizon, and it judges that realized progress in underlying inflation is
sufficiently advanced to be consistent with inflation stabilizing at 2% over
the medium term. This may also imply a transitory period in which inflation is
moderately above target;
Governing
Council will continue to conduct net asset purchases under pandemic emergency
purchase programme (PEPP) with a total envelope of €1,850 billion until at
least the end of March 2022 and, in any case, until it judges that the
coronavirus crisis phase is over
Governing
Council continues to expect purchases under PEPP over current quarter to be
conducted at significantly higher pace than during the first months of the year;
Net
purchases under asset purchase programme (APP) will continue at monthly pace of
€20 billion. Governing Council continues to expect monthly net asset purchases
under APP to run for as long as necessary to reinforce accommodative impact of
its policy rates, and to end shortly before it starts raising key ECB interest
rates;
Governing
Council will continue to reinvest principal payments from maturing securities
purchased under PEPP until at least the end of 2023. In any case, future
roll-off of PEPP portfolio will be managed to avoid interference with appropriate
monetary policy stance;
Governing
Council will continue to provide ample liquidity through its refinancing
operations (TLTRO III);
Governing
Council stands ready to adjust all of its instruments, as appropriate, to
ensure that inflation stabilises at its two per cent target over the medium
term
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