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At its recent meeting, the European Central Bank said that it intends to leave its policy and key rates unchanged, in which the main lending rate will remain at 0% while the deposit rate will remain at 0.50%.
They also pointed out an extremely uncertain economic prospect because of the weak indicators last April, saying that the economy still needs to be stimulated despite the fact that in May and June, indicators have already improved.
"The ECB has calculated that the measures taken from March to June (i.e. the COVID-19 monetary policy measures) led to a combined effect on the growth of real GDP by 2022 at about 1.3%, and inflation of 0.8% by year 2022, " said ECB president Christine Lagarde. She mentioned that the current strategic review could only be completed in the second half of next year.
"The Central Bank is still ready to act if necessary, but first, the Board of Governors will find additional funds to increase the speed of economic recovery.
We will continue the procurement planned by the Pandemic Emergency Program (PEPP) for a total of € 1,350 billion.
We will buy assets under PEPP until the end of June 2021, and in any case until the Governing Council decides that the phase of the coronavirus crisis is over. We will also reinvest basic payments on derivatives with PEPP securities, at least until the end of 2022.
We have planned monthly asset purchases (APP) of € 20 billion by the end of the year, as well as the purchase of an additional temporary package of € 120 billion.
Liquidity will be provided in the form of our refinancing operations.
The monetary policy measures that we have adopted since the beginning of March provide crucial support to the recovery of the eurozone economy and ensure medium-term price stability.
Hence, activity in the eurozone is expected to recover in the third quarter.
According to preliminary estimates by Eurostat, annual HICP inflation in the eurozone rose from 0.1% in May to 0.3% in June.
Based on current and futures oil prices, and also taking into account the temporary reduction in the VAT rate in Germany, general inflation is likely to decline again in the coming months before it starts to rise in early 2021.
A well-designed structural policy can contribute to a faster, stronger and more even exit from the crisis, thereby supporting the effectiveness of monetary policy in the eurozone. " Lagarde said.
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