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As widely expected, at its regular monetary policy meeting on Thursday 25 January, the ECB Governing Council (GC) maintained key policy interest rates unchanged and its asymmetry to QE guidance intact, reiterating that it would be ready to increase the size and/or the duration of the APP should the inflation outlook become less favorable. Furthermore, the GC kept its forward guidance on interest rates, repeating that key policy rates would remain at current low levels “well past” the horizon of net asset purchases and ECB President Mario Draghi emphasizing that, given the current state of the economy, there are “very few chances at all” of a rate rise this year.