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Published on Thursday, September 12, 2019

The ECB delivers a strong easing package

The central bank came in line with what we were expecting announcing a strong package of further accommodative measures. It enhanced the forward guidance on rates, cut the depo rate by 10bps, announced a two-tier system for bank reserves and a new open-ended asset purchase program (APP) and sweetened TLTRO-III conditions.

Key points

  • Key points:
  • The door remains open for further easing if needed, but the ECB makes a strong call for more active fiscal policy
  • Inflation projections have been revised down over the forecast horizon. GDP growth also, but less

Associated documents for downloading

  • Report (PDF) ECB-Watch_0919.pdf English September 12, 2019

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