| Summary
· Keep ECB interest rates unchanged and expect to remain so at least through the summer of 2019. (unchanged) · Intend to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. (unchanged) · Details on the precise terms of the new series of targeted longer-term refinancing operations (TLTROs) will be communicated at one of the forthcoming meetings. The ECB will also consider whether the preservation of the favourable implications of negative interest rates for the economy requires the mitigation of their possible side effects, if any, on bank intermediation. (new) · Continue conducting our lending operations as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of the reserve maintenance period starting in March 2021. (new) · Confirms that slower growth momentum with global headwinds and persistence of uncertainties (related to geopolitical factors), the threat of protectionism and vulnerabilities in emerging markets are leaving marks on economic sentiment. (new) · An ample degree of monetary accommodation remains necessary to safeguard favourable financing conditions and support the economic expansion and to ensure that inflation remains on a sustained path towards levels that are below, but close to, 2% over the medium term. (no change) · The monetary policy measures will help to safeguard favourable bank lending conditions. (new) |
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