The European Central Bank, which is responsible for monetary policy in 19 euro area countries such as Germany and France, has maintained its current policy, but as necessary because the spread of the new coronavirus infection may prolong the impact on economic activities. And showed a policy to take additional measures.
The European Central Bank held a board meeting on the 21st to discuss monetary policy for the time being, and
▽ the interest rate when depositing funds from financial institutions was left unchanged at minus 0.5%, and
▽ a large amount of funds were purchased by purchasing government bonds of each country. Maintained the scale of the quantitative easing measures supplied.
Last month, the board of directors took steps to expand monetary easing, such as increasing the scale of asset purchases introduced as an emergency measure last year, and this time it is in the form of maintaining the current monetary policy in order to determine the effect.
However, the spread of the new coronavirus is still serious in the euro area, and there are growing concerns that the impact on economic activities will be prolonged, as France and Germany will tighten or extend regulations earlier this month.
In addition, vaccination has started in each country, but it is expected that it will take some time before it reaches many people.
As a result, the European Central Bank still sees the outlook as uncertain and has confirmed at its board of directors that it will take additional steps as needed.