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MNI (London)
     LONDON (MNI) - Below is the text release by the European Central Bank's
Governing Council Monetary policy decisions
     December 14
     Monetary policy decisions
     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 expects the key ECB
interest rates to remain at their present 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
confirms that from January 2018 it intends to continue to make net asset
purchases under the asset purchase programme (APP), at a monthly pace of E30
billion, until the end of September 2018, 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 the outlook becomes less favourable, or if financial conditions become
inconsistent with further progress towards a sustained adjustment in the path of
inflation, the Governing Council stands ready to increase the APP in terms of
size and/or duration. The Eurosystem will reinvest the principal payments from
maturing securities purchased under the APP for an extended period of time after
the end of its net asset purchases, and in any case for as long as necessary.
This will contribute both to favourable liquidity conditions and to an
appropriate monetary policy stance.
     The President of the ECB will comment on the considerations underlying
these decisions at a press conference starting at 1430 CET today.
--MNI London Bureau; tel: +44 203-586-2225; email:
[TOPICS: M$X$$$,MC$$$$,M$$EC$]
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