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ECB Past Records:

 

Updates on 13 September 2019

ECB Press Conference on 12 September 2019

Policy decisions summarised:

(1) The interest rate on the deposit facility will be decreased to -0.50%. The interest rate on the main refinancing operations and the rate on the marginal lending facility will remain unchanged at their current levels of 0.00% and 0.25% respectively. The Governing Council now expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation sufficiently close to, but below, 2%.

(2) Net purchases Asset purchase programme (APP) will be at a monthly pace of Ä20 billion as from 1 November. The Governing Council expects them to run for as long as necessary and to end shortly before it starts raising the key ECB interest rates.

(3) Reinvestments of the principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time for as long as necessary to maintain favourable liquidity conditions.

(4) For banks whose eligible net lending exceeds a benchmark, the rate applied in TLTRO III operations will be lower, and can be as low as the average interest rate on the deposit facility prevailing over the life of the operation. The maturity of the operations will be extended from two to three years.

(5) In order to support the bank-based transmission of monetary policy, a two-tier system for reserve remuneration will be introduced, in which part of banksí holdings of excess liquidity will be exempt from the negative deposit facility rate.

ECB introduces two-tier system for remunerating excess liquidity holdings (12 September 2019)

ECB provides additional details on purchases of assets with yields below the deposit facility rate (12 September 2019)

ECB staff macroeconomic projections for the euro area (September 2019)

ECB announces changes to new targeted longer-term refinancing operations (TLTRO III) (12 September 2019)

 

Updates on 26 July 2019

ECB Monetary Policy Decision released on 25 July 2019

European Central Bank (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 key ECB interest rates to remain at their present or lower levels at least through the first half of 2020, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to its aim over the medium term.

 

ECB to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

 

Introductory Statement by President of ECB dated 25 July 2019 is here.

 

Updates on 18 June 2019:

ECB media released on 18 June 2019: Twenty Years of the ECBís monetary policy

 

Looking forward, the risk outlook remains tilted to the downside, and indicators for the coming quarters point to lingering softness. The risks that have been prominent throughout the past year, in particular geopolitical factors, the rising threat of protectionism and vulnerabilities in emerging markets have not dissipated. The prolongation of risks has weighed on exports and in particular on manufacturing.

 

In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required.

 

In our recent deliberations, the members of the Governing Council expressed their conviction in pursuing our aim of inflation close to 2% in a symmetric fashion. Just as our policy framework has evolved in the past to counter new challenges, so it can again. In the coming weeks, the Governing Council will deliberate how our instruments can be adapted commensurate to the severity of the risk to price stability.

 

We remain able to enhance our forward guidance by adjusting its bias and its conditionality to account for variations in the adjustment path of inflation.

 

This applies to all instruments of our monetary policy stance.

 

Further cuts in policy interest rates and mitigating measures to contain any side effects remain part of our tools.

 

And the APP still has considerable headroom. Moreover, the Treaty requires that our actions are both necessary and proportionate to fulfil our mandate and achieve our objective, which implies that the limits we establish on our tools are specific to the contingencies we face. If the crisis has shown anything, it is that we will use all the flexibility within our mandate to fulfil our mandate Ė and we will do so again to answer any challenges to price stability in the future.

 

All these options were raised and discussed at our last meeting.

 

What matters for our policy calibration is our medium-term policy aim: an inflation rate below, but close to, 2%. That aim is symmetric, which means that, if we are to deliver that value of inflation in the medium term, inflation has to be above that level at some time in the future.

- ECB President Mario Draghi (18 June 2019)

 

Updates on 6 June 2019:

ECB: Watch ECB Press Conference on 6 June 2019.

 

ECB Monetary Policy Decisions:

(1) 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 now expects the key ECB interest rates to remain at their present levels at least through the first half of 2020, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

 

(2) The Governing Council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

 

(3) Regarding the modalities of the new series of quarterly targeted longer-term refinancing operations (TLTRO III), the Governing Council decided that the interest rate in each operation will be set at a level that is 10 basis points above the average rate applied in the Eurosystemís main refinancing operations over the life of the respective TLTRO. For banks whose eligible net lending exceeds a benchmark, the rate applied in TLTRO III will be lower and can be as low as the average interest rate on the deposit facility prevailing over the life of the operation plus 10 basis points.

 

ECB Press Conference Introductory Statement is here.

 

ECB has set up an internal task force to develop a common understanding of crypto-assets and to assess whether they have an impact on the ECBís core areas of responsibility. See the outcome.

 

See the Macroeconomic Projections for the Euro Area.

 

See the ECB announced details on new targeted longer-term refinancing operations (TLTRO III)

 

Updates on 10 April 2019:

ECB Press Conference 10 April 2019

ECB decided to keep the key ECB interest rates unchanged. They are to remain at their present levels at least through the end of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

Details on the precise terms of the new series of targeted longer-term refinancing operations (TLTROs) will be communicated at one of the forthcoming meetings. In particular, the pricing of the new TLTRO-III operations will take into account a thorough assessment of the bank-based transmission channel of monetary policy, as well as further developments in the economic outlook.

Check: Key ECB interest rates

 

Other past records were being wiped off in our terminated Twitter account on 10 April 2019.

 

 

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