Will comment further at the presser
Monetary Policy Decisions
8 December 2016
At
today's meeting the Governing Council of the ECB decided that 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%, 0.25% and -0.40% respectively. The Governing Council
continues to expect the key ECB interest rates to remain at present or
lower levels for an extended period of time, and well past the horizon
of the net asset purchases.
Regarding
non-standard monetary policy measures, the Governing Council decided to
continue its purchases under the asset purchase programme (APP) at the
current monthly pace of €80 billion until the end of March 2017. From
April 2017, the net asset purchases are intended to continue at a
monthly pace of €60 billion until the end of December 2017, or beyond,
if necessary, and in any case until the Governing Council sees a
sustained adjustment in the path of inflation consistent with its
inflation aim. If, in the meantime, the outlook becomes less favourable
or if financial conditions become inconsistent with further progress
towards a sustained adjustment of the path of inflation, the Governing
Council intends to increase the programme in terms of size and/or
duration. The net purchases will be made alongside reinvestments of the
principal payments from maturing securities purchased under the APP.
To
ensure the continued smooth implementation of the Eurosystem's asset
purchases, the Governing Council decided to change some of the
parameters of the APP, which will be communicated at today's press
conference and in a separate press release.
The
President of the ECB will comment on the considerations underlying these
decisions at a press conference starting at 14:30 CET today.
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