European Central Bank left its key interest rate unchanged

Euro Area Interest Rate  | Data | Chart | Calendar | Forecast


source: tradingeconomics.com
CURRENCY INVESTORS key interest rate unchanged  The ECB held its benchmark refinancing rate at 0 percent on July 20th, as widely expected, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, or beyond, if necessary. Policymakers said that economic and monetary analysis confirm the need for a continued very substantial degree of monetary accommodation. Interest Rate in the Euro Area averaged 2.10 percent from 1998 until 2017, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0 percent in March of 2016.



key interest rate unchanged

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ECB Leaves Monetary Policy Unchanged

The ECB held its benchmark refinancing rate at 0 percent on July 20th, as widely expected, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, or beyond, if necessary. Policymakers agreed that economic and monetary analysis confirm the need for a continued very substantial degree of monetary accommodation.

Excerpts from the Introductory statement to the press conference by Mario Draghi:
Our monetary policy measures have continued to secure the very supportive financing conditions that are necessary to make continuous progress towards a sustained convergence of inflation rates to levels below, but close to, 2% over the medium term. The incoming information confirms a continued strengthening of the economic expansion in the euro area, which has been broadening across sectors and regions.
While the ongoing economic expansion provides confidence that inflation will gradually head to levels in line with our inflation aim, it has yet to translate into stronger inflation dynamics. Headline inflation is dampened by the weakness in energy prices. Moreover, measures of underlying inflation remain overall at subdued levels. Therefore, a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to gradually build up and support headline inflation developments in the medium term. If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset purchase programme in terms of size and/or duration.

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