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Monetary policy decisions
In view of the economic fallout from the resurgence of the pandemic, today the Governing Council recalibrated its monetary policy instruments as follows: First, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00 per cent, 0.25 per cent and -0.50 per cent respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within its projection ... (full story)
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ECB expands its bond-buying program as coronavirus resurgence weighs on the economic recovery
The European Central Bank on Thursday expanded its massive monetary stimulus program by 500 billion euros ($605 billion), as a second wave of lockdown measures weigh on the euro area’s economic recovery. Markets had largely expected the central bank to add to its bond buying, having vowed back in October to “recalibrate its instruments” as a resurgence in coronavirus cases across the continent led to further national shutdowns. The ECB held interest rates on its main refinancing operations, marginal lending facility and deposit facility at 0.00%, 0.25% and -0.50%, respectively. The central bank launched its ... (full story)