ECB left monetary policy unchanged as widely expected. Main refinancing rate is held at 0.00%, deposit rate at -0.50%, and marginal lending facility rate at 0.25%. ECB also reiterated the expectation that “key ECB interest rates to remain at their present or lower levels.
Also, the envelope of EUR 1350B of the pandemic emergency purchase programme is kept unchanged. The PEPP asset purchases will continue “until at least the end of June 2021”. Net purchase under the asset purchase programme will continue at EUR 20B monthly pace. , together with purchase under the additional EUR 120B temporary envelope until the end of the year.
