ECB’s Governing Council communicates wait-and-see attitude

Erste Group
By April 11, 2019 03:06

ECB’s Governing Council communicates wait-and-see attitude

Short Note ECB

As expected, no decisions were taken at today's meeting of the Governing Council. What the market had been waiting for were references to the specifications of the TLTRO-3 program – in particular, how the interest rate will be set – and information on how the discussion on an adjustment of the deposit facility rate is developing. According to Draghi, the ECB would need more time to assess the impact of these decisions on lending and see further economic developments. The timeframe for the TLTRO decision was limited to "one of the forthcoming meetings". The information content of this statement was, however, low, as only the two meetings in June and July are possible before the start of TLTRO-3 in September. For an adaptation of the deposit rate, it was not even decided whether this would happen at all, let alone on a timetable. However, Draghi repeatedly emphasized the importance of the new ECB economists' forecasts for the decisions in June.

Erste Group
By April 11, 2019 03:06

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