Monetary policy decisions, July 2017

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Series Details 20.07.17
Publication Date 20/07/2017
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The Governing Council of the European Central Bank decided on 20 July 2017 to keep unchanged the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility at 0.00%, 0.25% and -0.40% respectively.

The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases.

Regarding non-standard monetary policy measures, the Governing Council confirmed that the net asset purchases, at the current monthly pace of €60 billion, were intended to run until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.

The Governing Council indicated it stood ready to increase the programme of asset purchases in terms of size and/or duration if the outlook became less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation.

The Governing Council of the European Central Bank (ECB) held its monthly meeting and press conference relating to monetary policy decisions on 20 July 2017.

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Related Links
ECB: Monetary Policy decisions, July 2017: Introductory Statement and Q&A
EurActiv, 20.07.17: ECB keeps easy money pledge despite better growth
Reuters, 20.07.17: 'We aren't where we want to be yet,' ECB's Draghi says, leaving policy unchanged
Kathimerini, 20.07.17: Draghi says up to Greece to decide on returning to bond market
Euronews, 20.07.17: ECB leaves refinancing rate unchanged

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