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At its regular monetary policy meeting on Thursday 14 December, as widely expected, the ECB Governing Council (GC) kept key policy interest rates unchanged and its asset purchase programme of EUR30bn (per month) intact until September 2018 or beyond if necessary, and in any case until the GC ensures a sustained adjustment in the path of inflation consistent with its medium-term target of 2.0%. The GC sounded ready to increase the size and/or the duration of the APP, should the outlook become less favorable or financial conditions are not in line with further progress towards a sustained adjustment in the path of inflation.