The ECB unveils an unprecedented package of measures

Summary

As widely expected, the ECB Governing Council (GC) decided to cut the main policy rate by 10bp to 0.15%, a historic low, at today’s monetary policy meeting. Moreover, it also cut the deposit facility by 10bp to -0.10% and the marginal lending rate by 35bp to 0.40%, thus narrowing and maintaining the asymmetric corridor for interest rates. In an unprecedented decision, the GC decided on a package of measures to provide additional monetary policy accommodation, to support lending to the real economy and to reinforce the forward guidance.

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