Free Trial

MNI: ECB Leaves Key Rates, Policy Unchanged: Text

MNI (London)
     LONDON (MNI) - Below is the text released by the European Central Bank's
Governing Council 
     December 12
     Monetary policy decisions 
     t today's meeting the Governing Council of the 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 -0.50% respectively. The Governing Council
expects the key ECB interest rates to remain at their present or lower levels
until it has seen the inflation outlook robustly converge to a level
sufficiently close to, but below, 2% within its projection horizon, and such
convergence has been consistently reflected in underlying inflation dynamics.
     On 1 November net purchases were restarted under the Governing Council's
asset purchase programme (APP) at a monthly pace of E20 billion. The Governing
Council expects them to run for as long as necessary to reinforce the
accommodative impact of its policy rates, and to end shortly before it starts
raising the key ECB interest rates.
     The Governing Council intends to continue reinvesting, in full, the
principal payments from maturing securities purchased under the APP 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.
     The President of the ECB will comment on the considerations underlying
these decisions at a press conference starting at 14:30 CET today.
--MNI London Bureau; tel: +44 203-586-2225; email:
[TOPICS: M$X$$$,MC$$$$,MT$$$$,M$$EC$]
MNI London Bureau | +44 203-865-3812 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.