The Asset Purchase Programme will end in December 2018. However, interest rates will remain on hold at least until the summer 2019, later than expected. Macro projections were revised in line with expectations: GDP down in 2018 to 2.1% and inflation up in 2018 and 2019 to 1.7%.
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The ECB removed the easing bias on the Asset Purchase Programme. Macro projections remained mostly unchanged. Protectionism (re)emerges as a downside risk.