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Published on Tuesday, July 26, 2016 | Updated on Tuesday, July 26, 2016

Further action likely in September

The ECB has left the monetary policy stance unchanged. The ECB needs more time to reassess the degree of policy accommodation. Unrelated to monetary policy, Draghi opens the possibility of a “public backstop” for NPL’s.

Documents to download

Report (PDF)

ECB Watch_0716_ESP Spanish July 26, 2016
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Report (PDF)

ECB Watch_0716 English July 26, 2016
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Authors

Sonsoles CastilloBBVA Research - Chief Economist for Financial and Economic Analysis
María MartínezBBVA Research - Principal Economist

Geographies

Geography Tags
Global
Europe

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