ECB review

ECB Statement and Press Conference

October 2, 2014

ECB interest rates were left at their current levels after having been cut by 10 basis points in August.  The refinancing rate of 0.05% is flanked by a deposit rate of -0.2% and a marginal lending facility rate of 0.3%. Key operational details of the asset-backed securities purchase program and the third covered bond purchase […] More

ECB Governing Council Decides Against Any Further Stimulus at This Time

March 6, 2014

The central bank of the euro area retained key interest rates, namely a 0.25% refinancing rate flanked by a zero deposit rate and a 0.75% marginal lending rate.  The last change in any of these was made in November when the refi rate and MLR, but not the deposit rate, were cut by 25 bps.  […] More

ECB Press Conference Sows Return to Chaos

August 2, 2012

The ECB did worse than nothing today, and one is left to conclude that the result was intentional and born out of extreme frustration with the foot-dragging of politicians to “push ahead with fiscal consolidation, structural reform and European institution-building with great determination,” that is with extreme dispatch.  The only way to motivate governments is […] More