The
European Central Bank
(ECB) has started the course with all the markets pending this Thursday's meeting in Frankfurt.
The question was whether it would maintain its roadmap against the pandemic as it has been until now or if it would end up agreeing with those who were betting on a reduction in the purchase of debt and have finally opted more for the second than for the first.
According to the statement published at the end of the meeting, "based on the joint evaluation of the financing conditions and the inflation outlook, the Governing Council estimates that favorable financing conditions can be maintained
with a moderately slower rate of net asset purchases. under the PEPP
than in the previous two quarters ".
The document does not specify the amount or scope of this reduction and only indicates that "the Governing Council will buy flexibly in accordance with market conditions and in order to avoid the tightening of financing conditions that is incompatible with counteracting the downward impact of the pandemic on the projected path of inflation. "
However, the entity stresses that it will maintain the provision of the plan - 1,850 million euros - and its duration -until March 2022- "and in any case, until it deems the coronavirus crisis phase ended."
The Governing Council has also confirmed its other measures, that is, it
maintains interest rates
, its indications on its possible future evolution, other debt purchases, its reinvestment policies and its longer-term financing operations.
Regarding rates, the reference rate for its refinancing operations
will continue to be 0%
;
the
deposit facility
rate
, -0.50%, and the
loan facility rate,
0.25%.
According to the criteria of The Trust Project
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