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April 10, 2019MONETARY POLICY: EURO AREA At today’s meeting, the Governing Council of the European Central Bank (ECB) announced that the key ECB interest rates are unchanged with the interest rates on main refinancing operations, marginal lending facility and the deposit facility at 0.00%, 0.25% and -0.40% respectively. The rates are expected to remain at their present levels at least through the end of 2019 and for as long as necessary in order to converge inflation levels to around 2 per cent over the medium term.
Growth momentum has slowed in 2019 but some temporary domestic factors that were dampening growth have begun to fade. Global growth continues to weigh on exports and manufacturing. Rising employment and wages are helping to underpin domestic economy. The ECB noted that monetary accommodation remains necessary to safeguard favourable financing conditions and support economic expansion.
Inflation in the euro area was 1.4 per cent in March 2019 and is expected to decline in coming months based on oil price futures. Underlying inflation remain generally muted, but labour costs pressures have strengthened amid tightening labour markets and high capacity utilization.
Sources:
European Central Bank
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