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MNI Preview: ECB Non-Monetary Policy Meeting March 2024: An Updated Framework In The Offing

ECB

Executive Summary

  • The ECB is set to reveal the outcome of its operational framework review later today. There are no fixed times for any releases. The meeting begins this morning, we expect announcements in the afternoon.
  • Source reports point to a demand-driven floor liquidity system and play down the likelihood of an MRR hike.
  • Today may only provide an outline of the updated framework.
  • Expect a narrowing of the refinancing/deposit rate gap in the coming months.
  • STIR markets show little funding worry, sell-side views are more mixed.
  • Our interview with former policymakers warns of risk surrounding the framework review.
  • Click below for our full preview of the event:
  • ECBNonMonPol.pdf


MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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