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  • ECB leaves its key interest rates unchanged in October; continues to judge that favourable financing conditions can be maintained with moderately lower pace of net asset purchases under PEPP
Ekonomické zprávy
28.10.2021

ECB leaves its key interest rates unchanged in October; continues to judge that favourable financing conditions can be maintained with moderately lower pace of net asset purchases under PEPP

The European Central Bank (ECB) left its main refinancing rate unchanged at 0.00 percent on Thursday, as widely expected. Its interest rates on the marginal lending facility and the deposit facility were also kept unchanged at 0.25 percent and -0.50 percent, respectively.

In its policy statement, the ECB said:

- Governing Council confirmed its other measures, incl. its forward guidance on their likely future evolution, its purchases under asset purchase programme (APP), its reinvestment policies and its longer-term refinancing operations;

- Governing Council expects key ECB interest rates to remain at their present or lower levels until it sees inflation reaching 2 percent well ahead of end of its projection horizon and durably for rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at 2 percent over medium term. This may also imply a transitory period in which inflation is moderately above target;

- Net purchases under APP will continue at a monthly pace of EUR20 billion;

- Governing Council will continue to conduct net asset purchases under PEPP with total envelope of EUR1,850 billion until at least end of March 2022;

- Governing Council continues to judge that favourable financing conditions can be maintained with moderately lower pace of net asset purchases under PEPP than in Q2 and Q3 of this year

- If favourable financing conditions can be maintained with asset purchase flows that do not exhaust envelope over net purchase horizon of PEPP, the envelope need not be used in full. Equally, envelope can be recalibrated if required to maintain favourable financing conditions to help counter negative pandemic shock to path of inflation;

- Governing Council will continue to reinvest principal payments from maturing securities purchased under PEPP until at least end of 2023;

- Governing Council will continue to provide ample liquidity through its refinancing operations (TLTROs);

- Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilises at its 2 percent target over medium term

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