ECB leaves benchmark interest rate unchanged at 0%, reduces monthly QE to €15 billion


At its monetary policy meeting held today, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.40%, respectively. Attention now turns to the  ECB President Mario Draghi's press conference at 12:30 GMT.

Key highlights from the official statement

  • The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019.
  • The Governing Council will continue to make net purchases under the asset purchase programme (APP) at the new monthly pace of €15 billion until the end of December 2018.
  • The Governing Council anticipates that, subject to incoming data confirming the medium-term inflation outlook, net purchases will then end. 

Related articles

When is the ECB interest rate decision and how could it affect EUR/USD?

The European Central Bank (ECB) is scheduled to announce its monetary policy decision later today at 1445 GMT and will be followed by the usual post-meeting press conference at 1230 GMT. The central bank is widely expected to stick to its plan for winding down the bond-buying program by the end of this year and leave interest rates unchanged at least until next summer. 

ECB to signal risks tilted to the downside – ABN AMRO.

Analysts at ABN AMRO do not expect the ECB to change its forward guidance on monetary policy following today’s Governing Council meeting.

About ECB's press conference

Following the ECB´s economic policy decision, the ECB President gives a press conference regarding monetary policy. His comments may influence the volatility of EUR and determine a short-term positive or negative trend. His hawkish view is considered as positive, or bullish for the EUR, whereas his dovish view is considered as negative, or bearish.

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