ECB left main refinancing rate at 0.00% today, while marginal lending rate and deposit rate are held at 0.25% and -0.50% respectively. It maintained that interest rates will “remain at their present or lower levels” until inflation outlook robustly converge to price target of close to but below 2%.
The pandemic emergency purchase programme will continue with a total envelope of EUR 1850B, “until at least the end of March 2022”. More importantly, purchases will be conducted over the coming quarter at a “significantly higher pace” than during the first months of the year.
