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Lagarde: Policy Rate Spreads To Be Debated In Future Meetings

ECB

Q: Is the intention to keep the spread between the policy rates constant?

  • A: The three rates will be impacted by the hike in July. The intention will be to have a close look at the spreads and whether they are appropriate. This is to be debated at the July or September meeting.

Q: Can you talk about the conditions that would trigger the flexibility with the PEPP and do they have to be specific to the consequences of the war in Ukraine, the pandemic etc.?

  • A: There is no specific level of yield increase or lending rates, or bond spreads, that can unconditionally trigger flexibility. The principle is that we will not tolerate fragmentation that would impair monetary policy transmission.
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