ECB on a wait and see stance

Summary

As expected, at today’s monetary policy meeting the ECB left the key policy rate unchanged at 0.15% and took no additional steps on non-standard measures. Mr. Draghi reiterated the unanimity within the Governing Council (GC) to use unconventional monetary policy to tackle a prolonged period of low inflation. Moreover, he took the opportunity to highlight that the package of measures taken last month led to a further easing of its monetary policy stance. On the economic outlook, medium-term inflation risks remain “broadly balanced” and risks to the economic outlook continue to be to the downside.

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