European Central Bank (2014) “Monthly Bulletin“, ECB Eurosystem, Αύγουστος.
Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 7 August 2014 to keep the key ECB interest rates unchanged. The available information remains consistent with the Governing Council’s assessment of a continued moderate and uneven recovery of the euro area economy, with low rates of inflation and subdued monetary and credit dynamics. At the same time, inflation expectations for the euro area over the medium to long term continue to be firmly anchored in line with the Governing Council’s aim of maintaining inflation rates below, but close to, 2%. The monetary policy measures decided in early June have led to an easing of the monetary policy stance. This is in line with the Governing Council’s forward guidance and adequately reflects the outlook for the euro area economy, as well as the differences in terms of the monetary policy cycle between major advanced economies. The targeted longer-term refinancing operations (TLTROs) that are to take place over the coming months will enhance the accommodative monetary policy stance. These operations will provide long-term funding at attractive terms and conditions over a period of up to four years for all banks that meet certain benchmarks applicable to their lending to the real economy. This should help to ease funding conditions further and stimulate credit provision to the real economy. As these measures work their way through to the economy they will contribute to a return of inflation rates to levels closer to 2%.
As stated previously, and as a follow-up to its decision in early June, the Governing Council has intensified preparatory work related to outright purchases in the asset-backed securities market to enhance the functioning of the monetary policy transmission mechanism.
Σχετικές αναρτήσεις:
- European Central Bank (2014) “Monthly Bulletin“, ECB Eurosystem, Ιούνιος.
- European Central Bank (2014) “Monthly Bulletin“, ECB Eurosystem, Φεβρουάριος.