Monetary policy decisions, 10 March 2016 / ECB adds corporate sector purchase programme (CSPP) to the asset purchase programme (APP) and announces changes to APP / ECB announces new series of targeted longer-term refinancing operations (TLTRO II)

Report of the Monetary policy decisions agreed at the regular meeting of the ECB Governing Council in Frankfurt on the 10 March 2016.

The European Central Bank (ECB) cut all three of its interest rates. ECB President Mario Draghi also announced that quantitative easing would be expanded by €20bn a month.

• Primary Source

ECB: Press Release, 10.03.16: ECB adds corporate sector purchase programme (CSPP) to the asset purchase programme (APP) and announces changes to APP https://www.ecb.europa.eu/press/pr/date/2016/html/pr160310_2.en.html

ECB: Press Release, 10.03.16: ECB announces new series of targeted longer-term refinancing operations (TLTRO II) https://www.ecb.europa.eu/press/pr/date/2016/html/pr160310_1.en.html

ECB: Media: Governing Council decisions https://www.ecb.europa.eu/press/govcdec/html/index.en.html

BBC News, 10.03.16: ECB stimulus surprise sends stock markets sliding http://www.bbc.co.uk/news/business-35774629

ESO: Background information: Quantitative easing: To deal with the root of the problem, the ECB should tackle non-performing loans http://www.europeansources.info/record/quantitative-easing-to-deal-with-the-root-of-the-problem-the-ecb-should-tackle-non-performing-loans/

EurActiv, 10.03.16: ECB drops rate to zero in eurozone’s anti-deflation battle http://www.euractiv.com/section/euro-finance/news/ecb-drops-rate-to-zero-in-eurozones-anti-deflation-battle/

Politico, 10.03.16: 5 takeaways on the ECB’s bigger bazooka http://www.politico.eu/article/5-takeaways-on-the-ecbs-bigger-bazooka-mario-draghi/

ECB: Media: Press Conferences: 2016: Introductory statement to the press conference (with Q&A), 10 March 2016 https://www.ecb.europa.eu/press/pressconf/2016/html/is160310.en.html

EUObserver, 10.03.16: Deflation fears trigger ECB's 'bazooka' https://euobserver.com/economic/132648

Euro|Topics: Debates, March 2016: ECB cuts interest rates to zero http://www.eurotopics.net/en/152285/ecb-cuts-interest-rates-to-zero

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