Tag Archive: ECB policy

ECB Forward Guidance: the Devil is in the Detail

2019-03-14

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2019-03-14

ECB Policy Rates, 2006 - 2019
Last week, the European Central Bank (ECB) announced a new long-term refinancing package for banks (called TLTRO-III) and made clear that interest rates would not be raised this year. While these measures were expected, they have come earlier than we thought.

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ECB Preview: an end to net asset purchases

2018-12-10

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2018-12-10

ECB Staff Projections, September - December 2018
With the ECB’s asset purchases due to end this month and forward guidance set to remain unchanged, a focus at next week’s policy meeting will be staff forecasts for growth and inflation. At its Governing Council meeting next week, we expect the European Central Bank (ECB) to confirm that its asset purchases will cease at year’s end.

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ECB gets ready to make the leap

2018-06-12

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2018-06-12

ECB Policy Rate, Jan 2018 - June 2018
The ECB has had essentially two options going into the June meeting: either a dovish decision but a hawkish communication (hinting at an imminent QE tapering), or a hawkish decision but a dovish communication (counterb alancing a tapering announcement with dovish sweeteners).

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The ECB’s steady hand

2018-04-28

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2018-04-28

Another ECB meeting, another balanced message of confidence and prudence. Unsurprisingly, the statement mentioned the deterioration in the data flow since March, but our impression is that the ECB is largely brushing off concerns about a soft patch in the economy for the moment.

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