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October 24, 2019
In a relatively relaxed press conference- Draghi’s last one as ECB President- , he provided a dovish tone, in line with his entire presidency. He did not give any hints about action to be taken in the short term, trying not to tie the hands of his successor, Mrs Lagarde. We expect the ECB to remain on hold.
July 1, 2019
Central banking forums are particularly interesting, providing as they do an environment where one can take a step back from the volatile present and, even more importantly, take perspective and ask oneself where it is that we are heading.
June 6, 2019
The ECB strengthened its forward guidance on rates, with no rate hikes at least through the first half of 2020 in response to the increase and persistence of global uncertainty. The ECB opens the possibility to further easing if needed.
April 10, 2019
April was a transition meeting for the ECB, with no changes in the forward guidance and little information on hot issues (liquidity measures and tiered-deposit rates). Still, Draghi sounded dovish on the macroeconomic outlook and his reiteration that they are ready to act with all available instruments. We expect details on the TLTRO-III at the June meeting.
March 7, 2019
The ECB strengthened its forward guidance on rates, with no rate hikes at least through the end of 2019. They also launched a new series of TLTROs. The central bank made a significant downward growth revision in 2019, but minor changes in the medium term. Despite the revision, risks remain tilted to the downside.
January 25, 2019
The ECB is assessing the extent of the slowdown before discussing monetary policy measures. The balance of risks has moved to the downside. No modification in the policy or forward guidance, but the door is open for changes in the coming months.
October 26, 2018
There were no changes in the ECB’s monetary policy stance. The key interest rates are expected to remain “at their present levels at least through the summer of 2019”. The end of the APP is on track, and the Italian crisis is not affecting the ECB’s plans. The ECB confirmed that risks for economic outlook remains broadly balanced despite weaker momentum.
September 14, 2018
The ECB has set out along the path towards ending QE, since monthly asset purchases will be halved from September, but it has made no changes to its future guidance on interest rates. In the next few months attention will be focused on how the reinvestment policy will be implemented and when and at what pace interest rates will start to rise.
July 27, 2018
As widely expected, at today’s monetary policy meeting there were no changes in the ECB’s monetary policy stance, as the central bank left key interest rates unchanged and reiterated that it expects the key ECB interest rates to remain “at their present levels at least through the summer of 2019".
June 15, 2018
The Asset Purchase Programme will end in December 2018. However, interest rates will remain on hold at least until the summer 2019, later than expected. Macro projections were revised in line with expectations: GDP down in 2018 to 2.1% and inflation up in 2018 and 2019 to 1.7%.
April 27, 2018
The ECB left the main lines of its forward guidance unchanged. Draghi did not sound much worried about growth moderation but vigilant on protectionism. There was no discussion on the next steps of monetary policy.
