Monetary policy decisions, October 2016

The Governing Council of the European Central Bank decided on 20 October 2016 to keep unchanged the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility.

The Council also expected the key ECB interest rates to remain at present or lower 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 monthly asset purchases of €80 billion were intended to run until the end of March 2017, or beyond, if necessary, and in any case until it saw a sustained adjustment in the path of inflation consistent with its inflation aim.

• Primary Source

EurActiv, 21.10.16: Business as usual for Draghi and the ECB http://www.euractiv.com/section/euro-finance/news/business-as-usual-for-draghi-and-the-ecb/

ECB: Introductory statement to the press conference (with Q&A) https://www.ecb.europa.eu/press/pressconf/2016/html/is161020.en.html

The Wall Street Journal, 20.10.16: ECB’s Mario Draghi Hints at Extension of Bond Purchases http://www.wsj.com/articles/european-central-bank-leaves-rates-on-hold-1476964265

BBC News, 20.10.16: ECB to discuss future of bond buying scheme in December http://www.bbc.co.uk/news/business-37712526

Politico, 20.10.16: ECB opts to stay put on policy action http://www.politico.eu/article/ecb-opts-to-stay-put-on-policy-action/

Deutsche Welle, 20.10.16: ECB council meeting leaves rates untouched http://dw.com/p/2RTf3

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