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(ECB) Account of the monetary policy meeting 10-11 March 2021

1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 20-21 January 2021. Sovereign yield curves across advanced economies had steepened, while new coronavirus (COVID-19) cases had fallen, the pace of vaccination...

(ECB) Introductory Statement to the Press Conference

Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis. While the overall economic situation is expected to...

(ECB) Monetary policy decisions

The Governing Council took the following decisions: First, the Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion until at least the end of March 2022 and, in any case, until it judges that the coronavirus...

(ECB) Account of the monetary policy meeting 20-21 January 2021

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 20-21 January 2021 1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB Frankfurt am Main, 21 January 2021 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

The Governing Council decided to reconfirm its very accommodative monetary policy stance. First, 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...

(ECB) Account of the monetary policy meeting 9-10 December 2020

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 9-10 December 2020 1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB Frankfurt am Main, 10 December 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

In view of the economic fallout from the resurgence of the pandemic, today the Governing Council recalibrated its monetary policy instruments as follows: First, 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...

(ECB) Account of the monetary policy meeting 28-29 October 2020

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 28-29 October 2020 1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB Frankfurt am Main, 29 October 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

In the current environment of risks clearly tilted to the downside, the Governing Council will carefully assess the incoming information, including the dynamics of the pandemic, prospects for a rollout of vaccines and developments in the exchange rate. The new round of Eurosystem staff macroeconomic projections in December will...

(ECB) Account of the monetary policy meeting 9-10 September 2020

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 9-10 September 2020 1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 September 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

At today's meeting the Governing Council of the ECB took the following monetary policy decisions: (1) 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...

(ECB) Account of the monetary policy meeting 15-16 July 2020

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 15-16 July 2020 1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 July 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

At today's meeting the Governing Council of the ECB took the following monetary policy decisions: (1) 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...

(ECB) Account of the monetary policy meeting 3-4 June 2020

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 3-4 June 2020 1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 4 June 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

At today's meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The envelope for the pandemic emergency purchase programme (PEPP) will be increased by €600 billion to a total of €1,350 billion. In response to the pandemic-related downward revision to inflation over the projection horizon,...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 30 April 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary policy decisions

At today's meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The conditions on the targeted longer-term refinancing operations (TLTRO III) have been further eased. Specifically, the Governing Council decided to reduce the interest rate on TLTRO III operations during the period from June 2020...

(ECB) Account of the monetary policy meeting 18 March 2020

1. Review of financial and economic developments and policy options The President started the meeting by observing that, while the policy measures taken by the Governing Council at its monetary policy meeting on 11-12 March 2020 had been well calibrated at the time, the scale of the challenges faced had...

(ECB) Account of the monetary policy meeting 11-12 March 2020

1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the latest financial market developments, focusing on the implications of the coronavirus (COVID-19) pandemic from three different perspectives: a contextual perspective, a policy perspective and a stability perspective. First, from a contextual perspective, stock markets...

(ECB) ECB Announces €750 Billion Pandemic Emergency Purchase Programme (PEPP)

The Governing Council decided the following: (1) To launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19. This...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 March 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was...

(ECB) Monetary Policy Decisions

At today's meeting the Governing Council decided on a comprehensive package of monetary policy measures: (1) Additional longer-term refinancing operations (LTROs) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system. Although the Governing Council does not see material signs of strains in money markets...

(ECB) Account of the monetary policy meeting 22-23 January 2020

1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the latest financial market developments. The period since the Governing Council's monetary policy meeting on 11-12 December 2019 had been marked by three major events: the year-end, the geopolitical tensions in the Middle East, and...

(ECB) Introductory Statement to the Press Conference

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council. Based on our...