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Account of the monetary policy meeting of the Governing Council of the European Central Bank, held 2-3 February 2022
Ms Schnabel reviewed financial market developments since the Governing Council’s previous monetary policy meeting on 15-16 December 2021. Markets had digested well the Governing Council’s decisions in December 2021 to discontinue net asset purchases under the pandemic emergency purchase programme (PEPP) in March 2022 and to adjust the future path of purchases under the asset purchase programme (APP). The day after that meeting, ten-year overnight index swap (OIS) rates and euro area GDP-weighted sovereign yields had been lower than before the meeting. Nevertheless, long-term real and nominal interest rates had ... (full story)