Monetary policy decisions, January 2019

Summary:

The Governing Council of the European Central Bank (ECB) published on 24 Januay 2019 its monthly monetary policy decisions.

Further information:

The Governing Council decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility were to remain unchanged. The Board showed the expectation to keep ECB interest rates at the same level at least through the summer of 2019, and for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

Regarding non-standard monetary policy measures, the Governing Council showed the intention to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when it starts raising the key ECB interest rates.

Official

ECB: Introductory statement to the press conference (with Q&A) on monetary policy decisions, 24 January 2019 https://www.ecb.europa.eu/press/pressconf/2019/html/ecb.is190124~cd3821f8f5.en.html

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News

Bloomberg, 23.01.19: ECB to Play for Time as Growth Outlook Sours: Decision Day Guide https://www.bloomberg.com/news/articles/2019-01-23/ecb-to-play-for-time-as-growth-outlook-sours-decision-day-guide

The Irish Times, 24.01.19: Euro zone at risk of further slowdown, warns European Central Bank https://www.irishtimes.com/business/economy/euro-zone-at-risk-of-further-slowdown-warns-european-central-bank-1.3769820

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