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As expected, the European Central Bank (ECB) decided to keep the key policy rate unchanged at 0.50%, broadly in line with market expectation. Accordingly, the ECB left the interest rate on its deposit facility and marginal lending facility unchanged at 0% and 1.0% respectively
Besides, the ECB President re-assured the market that the monetary policy will remain accommodative for as long as necessary and re-iterated that ". The Governing Council confirms that it expects the key ECB interest rates to remain at present or lower levels for an extended period of time.
To sum up, as expected, ECB maintained its dovish tone of keeping interest rate at present or lower level for an extended period of time. The President also acknowledged the high fragmentation of euro credit markets, reduction of which is necessary to ensure an adequate transmission of monetary policy
Please refer to the attached document for the detailed report
