Monetary policy decisions, December 2018

Publication Date December 2018
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The Governing Council of the European Central Bank (ECB) published on 13 December 2018 its monthly monetary policy decisions. Among the non-standard measures, the ECB announced the decision to halt the net purchases under the asset purchase programme (APP).

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The Governing Council decided to keep the key ECB interest rates unchanged, based on existing economic and monetary analyses. It was announced that the ECB would enhance its forward guidance on reinvestment, in the context of the halt of net purchases under the asset purchase programme, coming to and end in December 2018. A warning was also issued on rising uncertainty, following the need to downgrade the economic outlook for the Eurozone for the forthcoming years.

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Commentary and Analysis
Euro|topics, December 2018: ECB ending glut of money?
Deutsche Welle, 13.12.18: Why the ECB decided to bury its asset purchase program

The Guardian, 13.12.18: ECB to halt €2.6tn stimulus plan despite eurozone slowdown concerns
BBC News, 13.12.18: ECB ends €2.5tn eurozone QE stimulus programme
The New York Times, 13.12.18: Europe’s Central Bank Ends One of the Biggest Money-Printing Programs Ever
The Economist, 13.12.18: The ECB halts quantitative easing

ECB: Introductory statement to the press conference (with Q&A) on monetary policy decisions, 13 December 2018
ECB: Press Release, 13.12.18: ECB decides on technical parameters for the reinvestment of its asset purchase programme

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