The European Central Bank maintained its key interest rates unchanged, as announced after today’s meeting of the Governing Council, during which the effects of the war in Ukraine on Eurozone economy.
According to the relevant announcement, the interest rate of the main refinancing operations as well as the interest rates of the marginal financing facility and the deposit acceptance facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.
The ECB also decided that the Asset Purchase Scheme (APP) should be completed in the third quarter of 2022stressing that “the Board of Directors will retain the option of choice, gradual change and flexibility in the conduct of monetary policy.”
Net purchases under the APP will be € 40 billion a month in April, € 30 billion in May and € 20 billion in June.
At the same time, the ECB intends to reinvest capital funds from the repayment of securities acquired under the pandemic asset purchase program (PEPP) at their expiration at least until the end of 2024.
In the matter of interest ratesthe ECB notes that any adjustment will be made shortly after the completion of bond purchase programs, adding that changes in interest rates will be “gradual”.
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