The ECB confirmed earlier statements – Onet.pl

 
  Photo: Reuters
 
 
  President of the ECB Mario Draghi
 
 
 

Thus, the benchmark interest rate refinancing loan is 0 per cent., the interest rate on deposits is minus 0.4 per cent., and the loan rate was maintained at 0.25 per cent. The ECB’s decision is in line with analysts’ expectations.

ECB left unchanged parameters asset purchase under the program called. quantitative easing. Monthly is for this purpose continue to devote 80 billion. The Bank also confirmed earlier statements that plans to carry out the purchase of assets from the market by March 2017. Or longer, if necessary.

ECB President Mario Draghi said at a press conference after the meeting that ordered a review of the program of quantitative easing. He noted that at the moment there is no need for additional monetary stimulation. Draghi also reiterated earlier statements that the bank maintains readiness to act if necessary.

“The Governing Council has commissioned the appropriate cells of the ECB assessment of options to ensure a smooth implementation of the program of buying assets, “- said Draghi.

these cells have “full mandate” to redesign the program of quantitative easing and to this end will look at all possibilities – he added.

“the main issue is to ensure that the program (easing – PAP) and the decisions that we made in March will be able to be implemented in the new constellation of interest rates, which clearly limited the scope of options available,” – he said.

Draghi said at the same time, the Governing Council of the ECB has not discussed the extension of the asset purchase plan for another month, and so on. money from a helicopter (or transfer money directly to households – PAP). ECB President added that the current asset purchase program is very effective and should focus on its implementation.

“Available evidence to date suggests that the euro area economy is immune to political and economic uncertainties,” – he said.

Draghi rated at the same time, it is expected that economic growth in the euro zone will be “subdued” due to lower external demand, which in part has to do with the uncertainty of the referendum in the UK. UK. According to him, fiscal policy should support economic reconstruction in the euro area.

ECB last cut interest rates at its meeting in March. At the March meeting, the ECB also decided to increase the scale of the asset purchase from the market.

The bank announced that lowered its forecast for inflation in the euro area in 2017. by 0.1 points. percent. to 1.2 percent. and lowered its forecast of GDP growth in 2016 and 2017. The ECB forecasts that inflation in the euro zone in 2016. will amount to 0.2 percent. yoy in 2017. will rise to 1.2 per cent., and in 2018. to 1.6 per cent. While the GDP of the euro is the ECB to increase this year by 1.7 per cent., By 1.6 percent. in the future, and by 1.6 percent. in 2018.