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The European Central Bank is readying the future

By Christophe Blot and Paul Hubert

At the press conference following the meeting of the ECB’s Governing Council on Thursday, 8 June, Mario Draghi announced that the Bank’s key interest rates would remain unchanged (0% for the main refinancing operations rate, a negative 0.40% for the deposit facility rate and 0.25% for the lending facility rate). In particular, Draghi gave some valuable insights into the future direction of the euro zone’s monetary policy by changing its message. Whereas he had systematically stated that rates could be cut (“at lower levels”), he now stated that they would be maintained at the “present level” for an “extended period of time” and “well past the horizon of our net asset purchases”. suite…»

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