The ECB kept rates unchanged as expected
- Refinancing rate unchanged at 2.15% versus 2.15% estimate
- Deposit rate unchanged at 2.0% versus 2.0% estimate
The details from the decision shows:
Inflation remains close to the 2% medium-term target and assessment of inflation outlook is broadly unchanged.
The economy has continued to grow despite the challenging global environment.
Robust labour market, solid private sector balance sheets, and past interest rate cuts remain important sources of resilience.
However, outlook is still uncertain, owing particularly to ongoing global trade disputes and geopolitical tensions.
Determined to ensure that inflation stabilizes at its 2% target in the medium term.
Will follow a data-dependent and meeting-by-meeting approach to determining appropriate monetary policy stance.
Interest rate decisions will be based on assessment of inflation outlook and risks surrounding it, in light of incoming economic and financial data, as well as underlying inflation and monetary strength.
Not pre-committing to a particular rate path.
Interest rates on deposit facility, main refinancing operations, and marginal lending facility will remain unchanged at 2.00%, 2.15%, and 2.40%, respectively.
APP and PEPP portfolios are declining at a measured and predictable pace as Eurosystem no longer reinvests principal payments from maturing securities.
Inflation remains close to the 2% medium-term target and assessment of inflation outlook is broadly unchanged.
Governing Council is not pre-committing to a particular rate path.
The economy has continued to grow despite the challenging global environment.
The robust labour market, solid private sector balance sheets, and past interest rate cuts remain important sources of resilience.
