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Published on Thursday, March 10, 2022

Europe | Being predictable during uncertain times

Overall, the relatively modest downward revision in growth projections and the delinking of the tapering from the rate rise scenarios allows the ECB to convey a hawkish message while freeing itself to make the decision on rates more data dependent

Key points

  • Key points:
  • The ECB plans to end asset purchases in 3Q22 going ahead on its monetary policy normalization
  • At the same time it delinks the end of APP from the rate hike decision, keeping the maximum optionality and flexibility under a very uncertain environment
  • Limited economic forecast revision on growth, while medium term inflation forecasts remain in line with target

Associated documents for downloading

  • Note (PDF) ECB-Watch-0322.pdf English March 10, 2022

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