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January 30, 2025
The ECB adopted a relatively dovish stance today while implementing the widely expected rate cut, signaling the possibility of further reductions without committing to a specific terminal level. This approach aligns with the continued progress in disinflation and the subdued momentum of the Eurozone economy.
June 6, 2024
No major news has come out today as the rate cut was universally expected and the ECB does not want to pre-commit to the path of future cuts. We still expect two further cuts this year, in September and December, if there are no major surprises in the outlook for inflation during the rest of the year.
December 14, 2023
At today's monetary policy meeting, the ECB maintained rates at 4% for deposit facility and the main refinancing operations rate at 4.5%, aligning with market expectations.
July 27, 2023
Our forecast still leans towards a further rate hike in September (reaching a terminal rate of 4% for the deposit rate); however, recent data weaknesses and ECB communications before and during the meeting have increased the likelihood of a potential pause and the possibility of no further hikes.
October 27, 2022
The ECB has hiked by 200 bps all its three key interest rates so far in this cycle (including today’s 75bps). Today's largely anticipated rate decision was accompanied by other measures to facilitate monetary policy transmission and aid ongoing policy tightening stance
March 10, 2022
Overall, the relatively modest downward revision in growth projections and the delinking of the tapering from the rate rise scenarios allows the ECB to convey a hawkish message while freeing itself to make the decision on rates more data dependent
December 10, 2020
The ECB action was broadly in line with what we were expecting (somewhat to the lower bound) announcing a package of further accommodative measures. Moreover, the central bank reaffirmed its readiness to adjust its instruments further if needed (as risks remain tilted to the downside).
January 24, 2020
Eurozone growth forecasts are revised slightly upwards due to better incoming data, but we continue to expect some slowdown from 1.2% in 2019 to 0.9% in 2020 before recovering gradually to 1.2% in 2021.
December 4, 2019
Eurozone growth stabilized in 3Q19 thanks to the resilience of domestic demand, while the deterioration of industrial production and exports has halted. Our MICA-BBVA model projects still low growth in 4Q19. Core inflation has stepped in November, but it is early to tell if it will be sustainable.
October 18, 2019
More evident negative effects of worsening global demand and uncertainty on exports and investment explain the downward revision of growth in 2020. Further monetary easing and slightly expansive fiscal policy could help to halt deteriorating confidence and to underpin spending, with increasing divergence across countries.
June 4, 2018
Last week the European Commission presented a proposal for developing a new class of low-risk assets denominated in euros. SBBS, or sovereign bond-backed securities, are securitisations backed by a set of sovereign bonds of euro zone countries. Each SBBS would thus incorporate an exposure to a small part of sovereign bonds of each euro zone Member State.
