Today, at 13:30 (GMT+1), ECB will publish the account of the Monetary Policy Meeting held on December 12. We would like to remind you the decision and the approach of the ECB at this Monetary Policy Meeting.
The first meeting led by the Chair Christine Lagarde was the last one of 2019. In line with the expectations, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. ECB decided that the interest rates to remain at their present or lower levels until the inflation target is reached. Speaking at the press conference following the meeting, Lagarde said there is a need for a supportive stance for a long period of time. She also stated that incentives are needed to increase inflation and the governments should increase their long-term growth potential.
Today, the markets will closely follow the approach of the policymakers about the asset purchases of the ECB. The projections foresee annual real GDP increasing by 1.2% in 2019, 1.1% in 2020 and 1.4% in both 2021 and 2022. Compared with the September 2019 ECB staff macroeconomic projections, the outlook for real GDP growth has been revised down slightly for 2020.