The ECB maintains monetary policy
2018-09-13 01:40 pm | Resource: News | No Views : 38
European Central Bank decision-makers on Thursday decided to stick to current instruments on the path of "ensuring continued continued convergence of inflation" to nearly 2%. Interest on major refinancing remained zero. The margin lending facility and deposit facilitation facilities were held at 0.25% and 0.4%, respectively.
The wording of the statement is almost unchanged from July, as the European Central Bank expects borrowing costs to remain "at current levels at least during the summer of 2019." She said she would go ahead with a plan to halve the asset purchase program, or quantitative easing, when the current plan expires at the end of the month. It is set to reach 15 billion euros a month by the end of the year and to stop if inflation expectations are confirmed in the medium term.
Officials of the Central Bank led by Mario Draghi once again decided to maintain "favorable liquidity conditions and ample amount of cash accommodation." He is scheduled to hold a press conference shortly in Frankfurt. The Euro settled at $ 0.8911 and $ 1.16307 at 1:45 pm CET.
Draghi: Maintaining stability is of great importance
European Central Bank President Mario Draghi confirmed on Thursday his intention to stabilize prices, meaning that the annual growth target of the coordinated inflation index should go just below 2% in a sustainable manner. He spoke to reporters after policymakers kept interest rates and bond purchases at current levels. He warned that volatility in financial markets had gained more importance and pledged to maintain incentives in the medium term.
The ECB governor said price makers were "ready to adjust" their instruments accordingly. The real economic growth forecast was reduced by 0.1 percentage points this year and next year to 2% and 1.8%, respectively, while forecasts for 2020 were set at 1.7%, as in the June report. Draghi said inflation was stable by the end of 2018 and was gradually increasing over the medium term, adding that expectations were kept at 1.7 percent until 2020.
And highlighted the risks including vulnerability in emerging markets and global trade conflicts.
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