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July 25, 2019

ECB: Determination to act after holidays

The ECB kept rates unchanged but reintroduced the easing bias on rates, requested studies on further measures and, importantly, started talking about a symmetric inflation aim.

July 1, 2019

Sintra, beyond the tweet of Trump

Central banking forums are particularly interesting, providing as they do an environment where one can take a step back from the volatile present and, even more importantly, take perspective and ask oneself where it is that we are heading.

June 6, 2019

ECB: More dovishness in several fronts

The ECB strengthened its forward guidance on rates, with no rate hikes at least through the first half of 2020 in response to the increase and persistence of global uncertainty. The ECB opens the possibility to further easing if needed.

April 10, 2019

The ECB reaffirms its dovish tone

April was a transition meeting for the ECB, with no changes in the forward guidance and little information on hot issues (liquidity measures and tiered-deposit rates). Still, Draghi sounded dovish on the macroeconomic outlook and his reiteration that they are ready to act with all available instruments. We expect details on…

March 7, 2019

ECB | Draghi reacts in all fronts

The ECB strengthened its forward guidance on rates, with no rate hikes at least through the end of 2019. They also launched a new series of TLTROs. The central bank made a significant downward growth revision in 2019, but minor changes in the medium term. Despite the revision, risks remain tilted to the downside.

January 25, 2019

ECB | No decisions, but more dovish on the balance of risks

The ECB is assessing the extent of the slowdown before discussing monetary policy measures. The balance of risks has moved to the downside. No modification in the policy or forward guidance, but the door is open for changes in the coming months.

October 26, 2018

The ECB sticks to its strategy, unmoved by Italy

There were no changes in the ECB’s monetary policy stance. The key interest rates are expected to remain “at their present levels at least through the summer of 2019”. The end of the APP is on track, and the Italian crisis is not affecting the ECB’s plans. The ECB confirmed that risks for economic outlook remains broadly ba…

September 14, 2018

The ECB on track to end QE

The ECB has set out along the path towards ending QE, since monthly asset purchases will be halved from September, but it has made no changes to its future guidance on interest rates. In the next few months attention will be focused on how the reinvestment policy will be implemented and when and at what pace interest rates …